Given the data in Exercise 15-1, write entries in general journal form on the books of the T. L. Reid Company to record the following:

a. Receipt of the note from Burris in settlement of his account.

b. Receipt of the principal and interest at maturity.

Given the same data, write entries in general journal form on Burris’s books to record the following:

c. Issuance of the note by Burris in settlement of his account.

d. Payment of the note at maturity.

P.O. 1a,b Journalize issuance and payment of note on the books of payee and maker.