Prepare general journal entries on the books of both Mirror Co. and the other party (either Rosman Co., Kaw County Bank, or Lawrence Bank) for each of the following transactions:

June 1 Rosman Co. gave Mirror Co. a $3,000, 90-day, 10% note to extend the time for payment of its account.

20 Mirror Co. borrowed $2,000 for 60 days from Kaw County Bank on a non interest bearing note. The discount rate was 12%.

July 1 Mirror Co. discounted Rosman Co.’s note at Lawrence Bank at a discount rate of 12%.

Aug. 19 Mirror Co. paid the $2,000 non-interest-bearing note to Kaw County Bank.

30 Rosman Co.’s $3,000 note (see June 1 transaction) was collected by Lawrence Bank. (Treat Lawrence Bank as the other party.)