60 4,500 8.00 6.80 7.25 7.00 120 950 95 1,250 A (LO2) note - Nov.0 102 2,900 90 DETERMINING DUE DATE Determine the due date for the following, notes (Assume there are 28 days in February Date of Note August 12 September 1 January 3 March 18 June 11 May 17 Term of Note Due Date 90 days 60 120 200 38 03) st Rev.: $100 JOURNAL ENTRIES (NOTE RECEIVED, RENEWED, AND COLLECTED) Prepare general journal entries for the following transactions: Jan. 16 Received a 30-day, 6% note in payment for merchandise sale of S20,000 Feb. 15 Received $100 (interest) on the old (January 16) note; the old note is renewed for 30 days at 7%. Received a 60-day, 6% note in payment for accounts receivable balance of $8,000. Mar. 17 Received principal and interest on the new (February 15) note 19 May 18 Received $80 (interest) plus $1,000 principal on the old (March 19) notu the old note is renewed for 60 days (from May 18) at 6%. -17 Receiv