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5. General Co. entered into the following transactions involving short-term notes payable. On May 14, General purchased $40,000 merchandise from Steller Co., terms are 2/15,
5. General Co. entered into the following transactions involving short-term notes payable. On May 14, General purchased $40,000 merchandise from Steller Co., terms are 2/15, n/30. General uses the perpetual inventory system. On May 29, General replaced the May 14 account payable with a 60-day, $36,000 note bearing 8% annual along with paying $4,000 in cash. On July 28, General paid the amount due on the note at maturity. A. Prepare journal entries for all the preceding transactions and events
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