Quality Recliner Chairs completed the following selected transactions: 2016 Jul. 1 Sold

Quality Recliner Chairs completed the following selected transactions:
2016
Jul. 1 Sold merchandise inventory to Gray Mart, receiving a $45,000, nine-month,
16% note. Ignore Cost of Goods Sold.
Oct. 31 Recorded credit and debit card sales for the period of $23,000. Use the gross method. Ignore Cost of Goods Sold.
Nov. 3 Card processor drafted company's checking account for processing fee of $460.
Dec. 31 Made an adjusting entry to accrue interest on the Gray Mart note.
31 Made an adjusting entry to record bad debts expense based on an aging of accounts receivable. The aging schedule shows that $15,200 of accounts receivable will not be collected. Prior to this adjustment, the credit balance in Allowance for Bad Debts is $11,400.
2017
Apr. 1 Collected the maturity value of the Gray Mart note.
Jun. 23 Sold merchandise inventory to Artist, Corp., receiving a 60-day, 6% note for $8,000. Ignore Cost of Goods Sold.
Aug. 22 Artist, Corp. dishonored its note at maturity; the business converted the maturity value of the note to an account receivable.
Nov. 16 Loaned $22,000 cash to Creed, Inc., receiving a 90-day, 12% note.
Dec. 5 Collected in full on account from Artist, Corp.
31 Accrued the interest on the Creed, Inc. note.
Record the transactions in the journal of Quality Recliner Chairs. Explanations are not required.
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
Aging Schedule
Aging schedule is an accounting table that shows a company’s account receivables. It is an summarized presentation of accounts receivable into a separate time brackets that the rank received based upon the days due or the days past due. Generally...
Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...