Problem 4-Receivables entries (9 points)- Prepare general journal entries for the following transactions of Norman Company, assuming they use the allowance method to account for uncollectible accounts Sold $3,500 of merchandise to Lance Co., receiving an 8 % , 90-day , $3,500 note. 4/1 4/15 Wrote off $1,500 owed by Guy Co. from a previous period sale. 4/30 Received a $5,000, 6 % , 30-day note receivable from James Co. as settlement for its $5,000 account receivable. The note received from James on April 30 was collected in full. 5/30 Post. Ref. Date Accounts and Explanations Debit Credit