Prepare entries in journal form to record these transactions: E-15 Jan. 5 Accepted a 60-day, 10 percent,

Prepare entries in journal form to record these transactions: E-15

Transcribed Image Text:

Jan. 5 Accepted a 60-day, 10 percent, $4,800 note dated this day in granting a time extension on the past-due account of N. Tagaki. Mar. 6 N. Tagaki paid the maturity value of her $4,800 note. 9 Accepted a 60-day, 12 percent, $3,000 note dated this day in granting a time extension on the past-due account of V. Sonora. May 8 June 7 When asked for payment, V. Sonora dishonored his note. V. Sonora paid in full the maturity value of the note plus interest at 12 per- cent for the period since May 8.