Milo Radio Shop had the following notes payable transactions: REQUIRED Record the transactions in a general journal.
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Milo Radio Shop had the following notes payable transactions:
REQUIRED Record the transactions in a general journal.
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Apr. 1 5 10 May 10 20 June 4 9 30 Borrowed $5,000 from the Builder's Bank, signing a 90-day, 8% note. Gave a $2,000, 60-day, 10% note to Breaker Parts Co. for purchase of merchandise. Paid $500 cash and gave a $1,500, 30-day, 12% note to M. K. Reynolds in payment of an account payable. Paid $500 cash, plus interest, and issued a new $1,000, 30-day, 14% note to M. K. Reynolds. Borrowed $3,500 for 60 days from Builder's Bank on a non-interest-bearing note. The discount rate is 12%. Paid $500 cash, plus interest, to Breaker Parts Co. (see April 5) and gave a new $1,500, 30-day, 12% note to extend time for payment. Paid the principal and interest due on the $1,000 note to M. K. Reynolds. (See May 10.) Paid the principal and interest due on the $5,000 note to Builder's Bank. (See April 1.)
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