Journalize the following entries for (1) the buyer and (2) the seller. Record all entries for the buyer first. Both companies use the periodic inventory method.

201X

June 11 Lewis Company sold $9,500 of merchandise on account to Reed Company.

July 11 Lewis Company received a 90-day, $4,500, 8% note for a time extension of past due account of Reed Company.

Oct. 9 Collected the Reed Company note on the maturity date.

Oct. 9 Assume Reed Company defaulted on its July 11 note and record the dishonored note.

Oct. 15 Reed Company paid the note receivable that was dishonored on October 9 (no additional interest is charged).