Journalize the following transactions of Upton Drugs:

July 8 Received a $180,000, 90-day, 8% note dated July 8 from Miracle Chemical on account.

Oct. 6 The note is dishonored by Miracle Chemical.

Nov. 5 Received the amount due on the dishonored note plus interest for 30 days at 10% on the total amount charged to Miracle Chemical on Oct. 6.

Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year when calculating interest.

(8 journal boxes to fill)

CHART OF ACCOUNTS

Upton Drugs

General Ledger

	ASSETS
110	Cash
111	Petty Cash
121	Accounts Receivable-Batson Co.
122	Accounts Receivable-Bynum Co.
123	Accounts Receivable-Calahan Inc.
124	Accounts Receivable-Dodger Co.
125	Accounts Receivable-Fronk Co.
126	Accounts Receivable-Miracle Chemical
127	Accounts Receivable-Solo Co.
128	Accounts Receivable-Watson Co.
129	Allowance for Doubtful Accounts
131	Interest Receivable
132	Notes Receivable-Miracle Chemical
141	Merchandise Inventory
145	Supplies
151	Prepaid Insurance
181	Land
191	Equipment
192	Accumulated Depreciation

	LIABILITIES
210	Accounts Payable
211	Salaries Payable
213	Sales Tax Payable
214	Interest Payable
215	Notes Payable

	EQUITY
310	Common Stock
311	Retained Earnings
312	Dividends
313	Income Summary

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Merchandise Sold
520	Salaries Expense
521	Advertising Expense
522	Depreciation Expense
523	Delivery Expense
524	Repairs Expense
531	Rent Expense
533	Insurance Expense
534	Supplies Expense
536	Credit Card Expense
537	Cash Short and Over
538	Bad Debt Expense
539	Miscellaneous Expense
710	Interest Expense