L$02,4$ P$8-10$A$.$ Journal Entries for Accounts and Notes Receivable Phily, Inc., began business on January $1.$ Certain transactions for the year follow:

June $8$ Received a $$15,000,60$ day, nine percent note on account from J$.$ Albert.

Aug. $7$ Received payment from J$.$ Albert on his note $($principal plus interest$).$

Sept. $1$ Received a $$40,000,120$ day, six percent note from R$.$T$.$ Matthews Company on account.

Dec. $16$ Received a $$28,800,45$ day, ten percent note from D$.$ LeRoy on account.

$30$ R$.$T$.$ Matthews Company failed to pay its note.

$31$ Wrote off R$.$T$.$ Matthews' account as uncollectible. Philly, Inc., uses the allowance method of providing for credit losses.

$31$ Recorded expected credit losses for the year by an adjusting entry. Accounts written off during this first year have created a debit balance in the allowance for doubtful accounts of $$45,200.$ An analysis of aged receivables indicates that the desired balance of the allowance account should be $$42,000.$

$31$ Made the appropriate adjusting entries for interest.

Required

Record the foregoing transactions and adjustments in general journal form.