Journal entries for notes receivable and notes payable. The Restaurant Supply Company receives a \(\$ 60,000\), three-month, 8 -percent promissory note, dated December 1, Year 6, from Wendy's to apply on its open accounts receivable.

a. Present journal entries for the Restaurant Supply Company from December 1, Year 6, through collection at maturity. The Restaurant Supply Company closes its books quarterly. Include the closing entry.

b. Present journal entries for Wendy's from December 1, Year 6, through payment at maturity. Wendy's closes its books quarterly. Include the closing entry.