Journal Entries (Note Received, Discounted, Dishonored, and Collected) Apr. 6 Received a 120-day, 6% note in payment for accounts receivable balance of $3,000. 26 Discounted the note at a rate of 7%. May 3 Received a 30-day, 7% note in payment for accounts receivable balance of $900. June 2 The $900, 30-day, 7% note is dishonored. 5 The dishonored note is paid, plus interest at 7% on the maturity value. Prepare general journal entries for the transactions. Assume 360 days in a year. Page: 1 ACCOUNT TITLE DOC. POST. NO. REF. DEBIT CREDIT 3,000 3,000 DATE 20-- 1 Notes Receivable Apr. 6 2 Accounts Receivable 3 4 Apr. 26 Cash 5 Notes Receivable 6 Interest Revenue 7 1 23 4 3,000 5 X 6 7 7 7 8 May 3 Notes Receivable 900 80 9 Accounts Receivable 900 9 10 10 11 Jun. 2 Accounts Receivable 905.25 11 12 12 Notes Receivable 13 Interest Revenue 14 15 Jun. 5 Cash 16 Accounts Receivable 17 Interest Revenue 900 12 5.25 13 14 15 315 905.25 7 X 17 > 16