Journal Entries for Accounts and Notes Payable Logan Company had the following transactions:

Apr.	8	Issued a $5,000, 60-day, six percent note payable in payment of an account with Bennett Company.
May	15	Borrowed $40,000 from Lincoln Bank, signing a 60-day note at nine percent.
Jun.	7	Paid Bennett Company the principal and interest due on the April 8 note payable.
Jul.	6	Purchased $12,000 of merchandise from Bolton Company; signed a 90-day note with ten percent interest.
Jul.	14	Paid the May 15 note due Lincoln Bank.
Oct.	2	Borrowed $30,000 from Lincoln Bank, signing a 120-day note at 12 percent.
Oct.	4	Defaulted on the note payable to Bolton Company.

Required a. Record these transactions in general journal form. b. Record any adjusting entries for interest in general journal form. Logan Company has a December 31 year-end.

Round answers to nearest dollar. Use 360 days for interest calculations.

Apr 8 Merchandise Accounts payable Bolton Company issued a 60-day, 6 percent note payable in payment of an account payable. May 15 Notes Payable-Lincoln Bank Interest Expense Borrowed from bank for 60 days at 9 percent. un.7 Interest Expense Paid note payable to Bennett Company