Prepare general journal entries to record these transactions: Mar. 6 Accepted a ($ 4,500,60)-day, (12 %) note
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Prepare general journal entries to record these transactions:
Mar. 6 Accepted a \(\$ 4,500,60\)-day, \(12 \%\) note dated March 4 from Ronald Becker granting a time extension on his past-due account.
9 Discounted the Ronald Becker note at the bank at \(14 \%\).
May 5 Received notice protesting the Ronald Becker note. Paid the bank the maturity value of the note plus a \(\$ 20\) protest fee.
17 Received payment from Ronald Becker of the maturity value of his dishonored note, the protest fee, and interest at \(12 \%\) on both for 15 days beyond maturity.
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