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4.) JOURNAL ENTRIES NOTE RECEIVED, RENEWED, AND COLLECTED) Prepare general journal entries for the following transactions: May 22 Received a 30-day, 9% note in payment
4.) JOURNAL ENTRIES NOTE RECEIVED, RENEWED, AND COLLECTED) Prepare general journal entries for the following transactions: May 22 Received a 30-day, 9% note in payment for merchandise sale of $22,000. June 21 Received $165.00 cash (interest) on the old (May 22) note; the old note is renewed for 30 days at 10%. July 21 Received principal and interest on the new (June 21) note. 28 Received a 45-day, 7% note in payment for accounts receivable balance of $11,600. Sept. 11 Received $101.50 cash (interest) plus $1,600 principal on the old (July 28) note; the old note is renewed for 60 days (from September 11) at 9%. Nov. 10 Received principal and interest on the new (September 11)
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