Journal Entries (Note Received, Renewed, and Collected) 1. Prepare general journal entries for the transactions. When required, enter amounts to the nearest cent. If an amount box does not require an entry, leave it blank. Assume 360 days in a year. May 22 Received a 30 -day, 6% note in payment for merchandise sale of $23,400. June 21 Received $117 cash (interest) on the old (May 22) note; the old note is renewed for 30 days at 7%. July 21 Received principal and interest on the new (June 21) note. 28 Received a 45-day, 7% note in payment for accounts receivable balance of $14,600. Sept. 11 Received $127.75 cash (interest) plus $1,600 principal on the old (July 28 ) note; the old note is renewed for 60 days (from September 11 ) at 7.5% Nov. 10 Received principal and interest on the new (September 11) note. 1. Prepare general journal entries for the transactions. When required, enter amounts to the nearest cent. If an amount box does not require an entry, leave it blank. Assume 360 days in a year