Chart of Accounts General Journal ruc Eddie Edwards and Phil Bell own hree months of 20- and operale The Second Hand Equipme nt Shop. The following transactions involving notes and interest were complexed during the last issued a $6,800, 60-day 5% note to Mac Farm Equipment for purchase of merchandise Received a $2,000. 60-day, 6% note torn R. Chambers in payment for sale Ot merchandise Oct 1 15 Nov 1 Discounted t the note received from R. Chambers on October 15 at Merchants National Bank, The discount rate is 7% 1 20 30 10 16 Borrowed $5,000 from First National Bank on a three-month, non-interesthearing note that was d Received a S4000, 90-day, 65% note tom L. Resine in payment Issued a check to Mac Farm Equipment in payment ot the note issued on October 1, includ issued a $3,000, 90-day, 6% note to Remak Tractors to extend time for payment of an account payable of an account receivable Dec Received notncabon from Merchants National Bank that R. Chambers has dishonored his note. A ch the note plus a $20 bank tee that must be paid to the bank. Required 1. Prepare general jourmal entries for the transacions 2. Prepare necessary adjusing enties for he notes outstanding on December 31