The Merchandise Supply Company received a \(\$ 6,000,3\)-month, 12-percent promissory note, dated December 1, 1979, from Virdon Stores to apply on its open accounts receivable.

a Present journal entries for the Merchandise Supply Company from December 1, 1979, through collection at maturity. The books are closed quarterly. Include the closing entry.

b Present journal entries for Virdon Stores from December 1, 1979, through payment at maturity. The books are closed quarterly. Include the closing entry.