intermediate accounting 1

Q8. On May 25, Al Mathir Company made a credit sale of OMR 320,000 to Wasan Company and received a note for 100 days with 9% interest from him in settlement of account receivables. Al Mathir Company closes their accounts every year on July 31st and calculated accrued interest on the note of May 25th. Al Mathir Company received Notification from Wasan that he was unable to honour his note on the due date and it is expected that Wasan will pay at a later date buton 18'OctoberWasan has paid full amount on note. On May 25 another note for 3 months with 17.5% interest has been received for OMR 122,000 from Al Zubair Company has been honoured on the due date. Prepare Necessary Transactions. Journal entries for the following