Sleepy Recliner Chairs completed the following selected transactions: 2018 Jul. 1 Sold merchandise inventory to Stan-Mart, receiving

Question:

Sleepy Recliner Chairs completed the following selected transactions:
2018
Jul. 1 Sold merchandise inventory to Stan-Mart, receiving a $41,000, nine-month, 8% note. Ignore Cost of Goods Sold.
Oct. 31 Recorded cash sales for the period of $24,000. Ignore Cost of Goods Sold.
Dec. 31 Made an adjusting entry to accrue interest on the Stan-Mart note.
31 Made an adjusting entry to record bad debts expense based on an aging of The shows that $13,800 of will not be collected. Prior to this adjustment, the credit balance in Allowance for Bad Debts is $11,800.
2019
Apr. 1 Collected the value of the Stan-Mart note.
Jun. 23 Sold merchandise inventory to Appeal, Corp., receiving a 60-day, 6% note for $7,000. Ignore Cost of Goods Sold.
Aug. 22 Appeal, Corp. dishonored its note at the business converted the value of the note to an account receivable.
Nov. 16 Loaned $17,000 cash to Crosby, Inc., receiving a 90-day, 16% note.
Dec. 5 Collected in full on account from Appeal, Corp.
31 Accrued the interest on the Crosby, Inc. note.
Record the transactions in the journal of Sleepy Recliner Chairs. Explanations are not required. (Round to the nearest dollar.)
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...