Record the following selected transactions in the general journal of Quick Couriers. Explanations are not required.
2013
Dec. 12 Received a $5,775, 120-day, 8 percent note from Jacques Alard to settle his $5,775 account receivable balance.
31 Made an adjusting entry to accrue interest on the Alard note.
31 Made an adjusting entry to record bad-debt expense in the amount of 4 percent of credit sales of $288,200.
31 Recorded $88,000 of debit-card sales. Royal Bank's debit-card service fee is 2 percent.
31 Made a compound closing entry for sales revenue, interest revenue, bad-debt expense, and debit-card service fees.
2014
Apr. 11 Collected the maturity value of the Alard note.
Jun. 1 Lent $16,500 cash to Mercury Inc., receiving a six-month, 7 percent note.
Oct. 31 Received a $3,025, 60-day, 8 percent note from Jay Nakashi on his past-due account receivable.
Dec. 1 Collected the maturity value of the Mercury Inc. note.
30 Jay Nakashi dishonoured (failed to pay) his note at maturity; as it was confirmed that he had moved, wrote off the receivable as uncollectible, debiting
Allowance for Doubtful Accounts.
31 Wrote off as uncollectible the account receivable of Art Pierce, $853, and of John Grey, $623.