Marydale Products permits its customers to defer payment by giving personal notes instead of cash. All the notes bear interest and require the customer to pay the entire note in a single payment 6 months after issuance. Consider the following transactions, which describe Marydales experience with two such notes:

a. On October 31, 2019, Marydale accepts a 6-month, 9% note from Customer A in lieu of a $4,200 cash payment for services provided that day.

b. On February 28, 2020, Marydale accepts a 6-month, $1,800, 6% note from Customer B in lieu of a $1,800 cash payment for services provided on that day.

c. On April 30, 2020, Customer A pays the entire note plus interest in cash.

d. On August 31, 2020, Customer B pays the entire note plus interest in cash.

Required:

Prepare the necessary journal and adjusting entries required to record Transactions a through d in Marydales records in the 4 paces provided.

Sprint LTE 11:16 AM 1096 JOURNAL BALANCE SHEET INCOME STATEME DATE DESCRIPTION POST. REF. DEBIT 1Apr. 30, 2020 Cash 4,389.00 Notes Receivable Interest Receivable Interest Income Feedback Check My Work When calculatina interest consider the principal, the annual interest rate and the duration of the