interest rate is monthly

1 Nov. 1, 2020 Prepare journal entries of Silver Company. The year-end is Dec. 31. On November 1, 2020, Silver Company agreed to accept $5,000 in cash and a $20,000, 3-month, 6% note from Alpha Company to settle its $25,000 past-due account. Record the entry on the following dates: Dec. 31, 2020 November 1, on December 31, and on the maturity date of Jan 31, 2021. Jan. 31, 2021 2 Nov. 30 Silver Company held an $18,000, 4%, 9-months note of Beta Industries. At maturity, November 30, Beta dishonoured the note. Record the dishonouring of the Note Receivable