Instructions Notes Payable Entries 1. Record the transactions in a general journal. When required, enter amounts to the nearest cent. If an amount box does not require an entry, leave it blank. Assume 360 days in a year. Milo Radio Shop had the following notes payable transactions: Apr. 1 Borrowed $5,000 from Builder's Bank, signing a 90-day, 8% note. 5 Gave a $2,000, 60-day, 7% note to Breaker Parts Co, for purchase of merchandise. 10 Paid $600 cash and gave a $1,400, 30-day, 6% note to M. K. Reynolds in payment of an account payable. May 10 Paid $500 cash, plus interest, and issued a new $900, 30-day, 7% note to M. K. Reynolds. 20 Borrowed $3,300 for 60 days from Builder's Bank on a non-interest-bearing note. The discount rate is 7%. June 4 Paid $500 cash, plus interest, to Breaker Parts Co. (see April 5) and gave a new $1,500, 30-day, 7% note to extend time for payment. 9 Paid the principal and interest due on the $900 note to M. K. Reynolds (See May 10.) 30 Paid the principal and interest due on the $5,000 note to Builder's Bank. (See April 1.) July 4 Paid the principal and interest due on the $1,500 note to Breaker Parts Co. (See June 4.) 19 Paid the $3,300 non interest-bearing note to Builder's Bank. (See May 20.) General Journal 1. Record the transactions in a general journal. When required, enter amounts to the nearest cent. If an amount box does not require an entry, leave it blank. Assume 360 days in a year. Page: DATE ACCOUNT TITLE DOC. POST DEBIT CREDIT NO. REF. 1 1 20-- Apr. 1 2 2 3 3 4 4 5 5 5 6 6 7 10 II II III III II III 8 B 9 9 10 10 11 11 May 10 12 12 13 13 General Journal 13 14 15 16 20 16 17 17 18 18 19 19 20 June 4 JO QIU IJU JIU JO I UJJ DIII III IU 21 25 9 26 27 30 General Journal 25 9 25 26 26 27 27 28 28 29 30 29 30 30 31 31 32 III III III III. II III 32 33 July 4 33 34 34 35 35 36 36 - 37 19 37 38 38 39 39 40 40 41 41