Answer Happy

Chocolate Corner Company had the following transactions duringthe current year:Apr. 8. Received a $7,050, 75-day, 8% note from Lance Armstrong inpayment of account.May 24.Wrote off customer Joe Nutella's account against theAllowance for Uncollectible Accounts, $150June 22. Received payment of Lance Armstrong's note in full.Sept. 10.Gave a $5,600, 90-day, 9% note to Herbert Anson in paymentof account.Sept.18. Received payment of Joe Nutella's account, written off May24.Dec 9. Paid principal and interest due on note to HerbertAnson.Please Note: a 360-day year is standard for many such interestcomputations - for this course interest is to the nearest monthrather than precisely to the day. Round interest to the nearestdollar (no cents).If needed record the above transactions in general journalform.The journal entry on May 24th has thefollowing:
Multiple Choice
Dr Accounts Receivables – Joe Nutella $150
Dr. Allowance for Uncollectible Accounts $150
None of the other alternatives are correct
Cr. Notes Receivables – Joe Nutella $150
Cr. Allowance for Uncollectible Accounts $150