The following are notes receivable transaction for crane co.

May 01 received a $11000 , six month, 6% note from Jioux co in the settlement of account receivable. Interest is due at maturity

June 30 Accrued interest on the Jioux Note, at carne year end, Adjustments are recoded annually

July 31 Lent $3600 cash to an employee,Noreen Irvine receiving a two - month, 5% note, interest is due at the end of each month

August 31 Received the interest due from Mr.Irvine

Sep 30 Received payment in full from Mr. Irvine

Nov 01 Jioux Company defaulted on its note. Crane doesn't expect to collect on the note

Record the transaction for crane company , Crane company uses only one allowance account for both account and notes receivable