Journal Entries for Accounts and Notes Payable Simon Company had the following transactions: Apr. 15 Issued a $ 10,000, 75-day, 8% note payable in payment or an account with Marion Company. May 22 Borrowed $34,000, 60-day, 9% note from Sinclair Bank. un. 29 Paid Marion Company the principal and interest due on the Apil 15 note payable. lul. 13 Purchased $16,000 of merchandise from Sharp Company, signed a noe for 90-days, 10% interest. ul. 21 Paid the May 22 note due Sinclair Bank. OCL. 2 Borrowed $40,000, 120-day, 12% note from Sinclair Bank. Oct. 11 Defaulted on the note payable to Sharp Company. Required a. Record these transactions in general journal form. b. Record any adjusting entries for interest in general journal form. Simon Company has a December 31 year-s Round answers to nearest dollar. Use 360 days for interest calculations. General Journal Date Description Debit Credit Apr. issued a 75-day, 8% noue payable in payment of an account payable. May 22 Borrowed from bank for 60 days at 9%. Jun.29 Interest Expense Paid note payable to Marion Company ul.13 Purchased merchandise and isSued a note payable with interest at 10% for 90 days. Jul.21 Interest Expense Paid note payable to Sinclair Bank. OcL.2 Borrowed from bank for 120 days at 12%. OcL.11 Interest Expense Defaulted on note payable. General Journal Date Description Debit Credit Dec.31 To record interest on the October 2 note payable to Sinclair Bank