Exercise 5 Palmer Boat Company often requires customers to sign promissory notes for major credit purchases. The following transactions occurred. Feb 12 Accepted a $25,000, 2-month, 10% note from Jack Dhaum for a 19-foot motorboat built to his specifications. Apr 14 Received notification from Jack Dhaum that he was unable to honour his promissory note but that he expects to pay the amount owed in May. May 31 May 26 Received a cheque from Jack Dhaum for the total amount owed. Received notification by the bank that Jack Dhaum's cheque had been returned "NSF" and that Mr. Dhaum had declared personal bankruptcy. Instructions Journalize the above transactions for Palmer Boat Company.