7. The following data were taken from the records of Hanaa Cement Factory for the year ended December 31, 2019. Jan2. Purchased merchandise on account from Lester Auto Co., $150,000 terms 2/10, n/30. Feb1 Issued a 9%, 2 month, $150,000 note in payment of account. Mar31 Accrued interest for 2 months on Lester Auto Co. note. Apr1 Paid face value and interest on Lester Auto Co note. July1 Purchased equipment from Korsak Equipment paying $55,000 in cash and signing a 10%, 3 month, $200,000 note. Sept.30 Accrued interest for 3 months on Korsak note. Oct.1 Paid face value and interest on Korsak note. Dec. 1 Borrowed $75,000 from the Muscat Bank by issuing a 3 month, 8% interest- bearing note with a face value of $75,000 Dec. 31 Recognized interest expense for 1 month on Muscat Bank note. Dec. 31 Hanaa Co. has sales and sales taxes separately on its register. On Dec. 31 the register totals are sales $30,000 and sales taxes $1,500. Instructions: Prepare journal entries for the above transactions and events