Journal Entries (Note Received, Discounted, Dishonored, and Collected) Apr. 6 Received a 120-day, 6% note in payment for accounts receivable balance of $3,700. 26 Discounted the note at a rate of 7%. May 3 Received a 30-day, 7% note in payment for accounts receivable balance of $800. June 2 The $800, 30-day, 7% note is dishonored. 5 The dishonored note is paid, plus interest at 7% on the maturity value. Page: 1 DOC. POST. NO. REF. DATE ACCOUNT TITLE 20-- 1 Notes Receivable Apr. 6 2 Accounts Receivable. 3 4 Apr. 26 Cash 5 Notes Receivable 6 Interest Revenue 7 < Notes Receivable 8 May 3 9 10 Accounts Receivable 11 Jun. 2 Accounts Receivable 12 Notes Receivable 13 Interest Revenue 14 15 Jun. 5 Cash 16 Accounts Receivable 17 Interest Revenue DEBIT CREDIT 1 2 3 4 00 000 00 000 000 00 000 00 7 5698 9 10 11 12 13 14 15 16 17