20-3 June 20 July 20 Received a $2,400, 30-day, 6% note from K. Lorenzo in payment for sale of merchandise. K. Lorenzo paid the note plus interest. Sold merchandise on account to R. Boone, $5,600. 25 Aug 4 Sept. 3 10 Oct. 10 R. Boone paid $600 and gave a $5,000, 30-day, 7% note to extend time for payment. R. Boone paid the note plus interest. Sold merchandise to T. Akins for $3,000: $400 plus a $2,600, 30-day, 6% note. T. Akins paid $600. plus interest, and extended the note ($2,000) for 30 days. T. Akins paid the note plus interest. Sold merchandise on account to J. Brown. $5,000. J. Brown paid $1,000 and gave a $4,000, 30-day, 6.5% note to extend time for payment. J. Brown's note is dishonored. Nov. 9 10 25 Dec. 25 20-4 Jan. 13 J. Brown's dishonored note is collected, plus interest at 6.5% on the maturity value. 20-3 June 20 July 20 Received a $2,400, 30-day, 6% note from K. Lorenzo in payment for sale of merchandise. K. Lorenzo paid the note plus interest. Sold merchandise on account to R. Boone, $5,600. 25 Aug 4 Sept. 3 10 Oct. 10 R. Boone paid $600 and gave a $5,000, 30-day, 7% note to extend time for payment. R. Boone paid the note plus interest. Sold merchandise to T. Akins for $3,000: $400 plus a $2,600, 30-day, 6% note. T. Akins paid $600. plus interest, and extended the note ($2,000) for 30 days. T. Akins paid the note plus interest. Sold merchandise on account to J. Brown. $5,000. J. Brown paid $1,000 and gave a $4,000, 30-day, 6.5% note to extend time for payment. J. Brown's note is dishonored. Nov. 9 10 25 Dec. 25 20-4 Jan. 13 J. Brown's dishonored note is collected, plus interest at 6.5% on the maturity value