HyLooi Food Products completed the following selected transactions:
2013
Nov. 1 Sold goods to NoExtras Foods, receiving a $300,000, six-month, 5 percent note. Ignore cost of goods sold.
Dec. 5 Recorded VISA credit-card sale of $30,000. VISA charges a 4 percent fee.
31 Made an adjusting entry to accrue interest on the NoExtras note.
31 Made an adjusting entry to record bad-debt expense based on an aging of accounts receivable. The aging analysis indicates that $154,000 of accounts receivable will not be collected. Prior to this adjustment, the credit balance in Allowance for Doubtful Accounts is $140,000.
2014
May 1 Collected the maturity value of the NoExtras note.
15 Received a 60-day, 8 percent, $7,200 note from Sherwood Market on account. Jun. 23 Sold merchandise to Meadows Foods, receiving a 30-day, 6 percent note for $18,000. Ignore cost of goods sold.
Jul. 14 Collected the maturity value of the Sherwood Market note.
23 Meadows Foods dishonoured (failed to pay) its note at maturity; converted the maturity value of the note to an account receivable.
Nov. 16 Lent $25,000 cash to Urban Provisions, receiving a 120-day, 8 percent note.
Dec. 5 Collected in full from Meadows Foods.
31 Accrued the interest on the Urban Provisions note.
Required
Record the transactions in the general journal. Explanations are not required.