Instructions: Prepare journal entries to record the following events: July 1 Howell Company received an 8%, 4-month $75,000 note dated July 1 from a customer in exchange for an outstanding account. Nov. 1 The note is honored and no interest has been accrued. Nov. 1 Assume instead that the note is dishonored by its maker and there is hope of future collection. Nov. 1 Assume instead that upon maturity the note is dishonored and there is no hope of future collection