1. Dekon Company's December 31 year-end unadjusted trial balance shows a $8,000 balance in Notes Receivable. This balance is from one 6% note dated December 1, with a period of 45 days. Prepare any necessary journal entries for December 31 and for the note's maturity date assuming it is honored.
2. Record the sale by Kroll Company of $1,000 in accounts receivable on May 1. Kroll is charged a 3% factoring fee.
3. Krugg Company determines on May 1 that it cannot collect $1,000 of its accounts receivable from its customer P. Carroll. Apply the direct write-off method to record this loss as of May 1.