Movado Suppliers had the following transactions:

Mar. 1 Sold merchandise on account to R. Sticca, $5,000.

20 R. Sticca gave a $5,000, 90-day, 12% note to extend time for payment.

30 R. Sticca’s note is discounted at Commerce Bank at a discount rate of 15%.

Apr. 20 Received a $3,000, 60-day, 10% note from K. Jones in payment for sale of merchandise.

May 5 K. Jones’s note is discounted at Commerce Bank at a discount rate of 12%.

June 19 K. Jones’s note is dishonored. The bank bills Movado for the maturity value of the note plus a $40 bank fee.

July 31 K. Jones’s dishonored note is collected; Jones pays Movado the maturity value of the note, the $40 bank fee, and interest at 10% on the maturity value plus the bank fee.

Aug. 1 Sold merchandise on account to R. Brown, $5,600.

12 R. Brown paid $400 and gave a $5,200, 30-day, 12% note to extend time for payment.

Sept. 11 R. Brown paid $400, plus interest, and gave a new $4,800, 60-day, 14% note to extend time for payment.

26 R. Brown’s note is discounted at Commerce Bank at a discount rate of 16%.

Nov. 10 R. Brown’s note is dishonored. The bank bills Movado for the maturity value of the note plus a $40 bank fee.

Dec. 15 R. Brown’s dishonored note is collected. Brown pays Movado the maturity value of the note, the $40 bank fee, and interest at 14% on the maturity value plus the bank fee.

REQUIRED

Record the transactions in a general journal.