June 4, Dr. Interest Exp.: $23.33 NOTES PAYABLE ENTRIES Milo Radio Shop had the following notes payable transactions: Apr. 1 Borrowed $5,000 from Builder's Bank, signing a 90-day, 8% note. 5 Gave a $2,000, 60-day, 7% note to Breaker Parts Co. for purchase of merchandise. Paid $500 cash and gave a $1,500, 30-day, 6% note to M. K. Reynolds in payment of an account payable. Paid $500 cash plus interest and issued a new $1,000 30-day, 7% note to MK Reynolds May 10 Borrowed $3,500 for 60 days from Builder's Bank on a non-interest-bearing note. The discount rate is 7%. 20 June Paid $500 cash, plus interest, to Breaker Parts Co. (see April 5) and gave a new $1,500, 30-day, 7% note to extend time for payment. 4 9 Paid the principal and interest due on the $1,000 note to M. K. Reynolds. (See May 10.) 30 Paid the principal and interest due on the $5,000 note to Builder's Bank. (See April