On January 1 2014 Valdez Company Had Accounts Receivable 91000

On January 1, 2014, Valdez Company had Accounts Receivable $91,000 and Allowance for Doubtful Accounts $8,100. Valdez Company prepares financial statements annually.
During the year, the following selected transactions occurred.
Jan. 5 Sold $8,400 of merchandise to Patrick Company, terms n/30.
Feb. 2 Accepted a $8,400, 4-month, 10% promissory note from Patrick Company for the balance due.
12 Sold $13,500 of merchandise to Marguerite Company and accepted Marguerite’s $13,500, 2-month, 10% note for the balance due.
26 Sold $7,000 of merchandise to Felton Co., terms n/10.
Apr. 5 Accepted a $7,000, 3-month, 8% note from Felton Co. for the balance due.
12 Collected Marguerite Company note in full.
June 2 Collected Patrick Company note in full.
July 5 Felton Co. dishonors its note of April 5. It is expected that Felton will eventually pay the amount owed.
15 Sold $14,000 of merchandise to Planke Co. and accepted Planke’s $14,000, 3-month, 12% note for the amount due.
Oct. 15 Planke Co.’s note was dishonored. Planke Co. is bankrupt, and there is no hope of future settlement.

Instructions
Journalize the transactions.

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