During July, 2023, the following transactions occurred:

July 1 - Borrowed $100,000 from Captive Credit Corporation. This instalment note bears a 7% annual interest rate, matures in 60 months (12 payments per year times 5 years), and requires an instalment payment at the end of each month. 

July 1 - Paid the semiannual interest on the bonds. Of note, the bonds were issued on January 1, 2023 for $90,000. Record as a compound journal entry.

July 4 - Received $31,000 from customers who had previously purchased fireworks on account

July 11- Paid cash on the outstanding accounts payable balance

July 15 - Accrued salaries, $28,900

July 31 - Firework sales for the month totaled $195,000. The sales included $65,000 for cash and the remainder were on account. The cost of the fireworks sold was $112,500. Record as a compound journal entry.

July 31 - Paid the first monthly instalment related to the Jul-1 note

Record the journal entries.