Sloan Systems sells voice mail systems to small businesses. Sloan engaged in the following activities involving notes receivable (round to nearest dollar):
a. On October 1, 2019, Sloan sold an $8,000 system to Majors Company. Majors gave Sloan a 7-month, 10% note as payment.
b. On November 1, 2019, Sloan sold a $6,000 system to Hadley Inc. Hadley gave Sloan a 10-month, 12% note as payment.
c. On May 1, 2020, Majors paid the amount due on its note.
d. On September 1, 2020, Hadley paid the amount due on its note.
Required:
Prepare the necessary journal and adjusting entries for Sloan Systems to record these transactions?