Homework: Week Five: Chapter 8: Problems Score: 0 of 1 pt 1 3 of 7 (0 complete) P9-30A (similar to) Relaxing Recliner Chairs completed the following selected transactions: (Click the icon to view the transactions.) Record the transactions in the journal of Relaxing Recliner Chairs. Explanations are not required. (For notes stated in days, use a 360-day year. Round to the nearest dollar.) (Record debits first, then credits. Exclude explanations from journal entries.) i More Info Begin with the transactions for 2016. Jul. 1: Sold merchandise inventory to Great-Mart, receiving a $40.000, nine-month, 16% note. Ignore Cost of Goods Sold. Date Accounts and Explanation Debit Credit 2016 Jul. 1 2016 Jul 1 Sold merchandise inventory to Great-Mart, receiving a $40.000, nine-month, 16% note. Ignore Cost of Goods Sold. Oct. 31 Recorded credit and debit card sales for the period of $15.000. Use the gross method. Ignore Cost of Goods Sold. Nov. 3 Card processor drafted company's checking account for processing fee of $400. Dec 31 Made an adjusting entry to accrue interest on the Great-Mart note. 31 Made an adjusting entry to record bad debts expense based on an aging of accounts receivable. The aging schedule shows that $13.500 of accounts receivable will not be collected. Prior to this adjustment, the credit balance in Allowance for Bad Debts is $11.600. 2017 Apr. 1 Collected the maturity value of the Great-Mart note Jun 23 Sold merchandise inventory to Appeal Company, receiving a 60-day. 12% note for $13,000. Ignore Cost of Goods Sold. Aug 22 Appeal Company dishonored its note at maturity: the business converted the maturity value of the note to an account receivable. Nov. 16 Loaned $23,000 cash to Crowe Company receiving a 90-day, 8% note Dec 5 Collected in full on account from Appeal Company. 31 Accrued the interest on the Crowe Company note. Print Done