Following are transactions of the Wipe-Out Company: Mar. 2 Accepted a $10,840, 5%, 90-day note dated this day in granting a time extension on the past-due account of JNC Company. Apr. 21 Discounted, with recourse, the JNC Company note at BancFirst at a cost of $50. June 2 Received notice from BancFirst that JNC Company defaulted on the note due May 31. Paid the bank the principal plus interest due on the note. (Hint: Create an account receivable for the maturity value of the note.) July 16 Received payment from JNC Company for the maturity value of its dishonoured note plus interest for 45 days beyond maturity at 5%. Sep. 3 accepted a $4,640, 60-day, 5% note dated this day in granting Cecile Duval a time extension on her past- due account. Sep 18 Dicounted, without recourse, the Duval note at BancFirst at a cost of $25.

Prepare entires to record the above transactions.

• Record acceptance of a 5%, 90-day note
• Record the discounted note.
• Record the payment made to bank for note dishonoured by JNC Company.
• Record the payment received from JNC Company.
• Record acceptance of a 5%, 60-day note.
• Record the discounting of the Duval note.