Question: PART Three: Problems. (3 problems, 40 points in total. Show your work to get credit!) Problem I (15 pts) Al Distributors has the following

PART Three: Problems. (3 problems, 40 points in total. Show your work

PART Three: Problems. (3 problems, 40 points in total. Show your work to get credit!) Problem I (15 pts) Al Distributors has the following transactions related to notes receivable during the last two months of the year. Dec. 1 Loaned $16,000 cash to K. Perry on a 1-year, 6% note. 16 Sold goods to L. Bryan, receiving a $4,800, 60-day, 7% note. 31 Accrued interest revenue on all notes receivable. Instructions Journalize the transactions for Al Distributors. Omit cost of goods sold entries.

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