Mastery Problem General Journal ds and Phil Bell own and operate The Second Hand Equipment Shop. The t tollowing ransacions involving notes and interest were completed during he last hree months of 20- issued a S6,800, 60-day, 5% note to Mac Farm Equipment for purchase or merchan Received a S2000, 60-day, 6% note rorn R Chambersin payment tr sale of merchandise | b 15 Nov 1 Discounted the note received torn R Chambers on October 15 at Merchants Natonal Bank The discount rate is 7%. nteresteanng note tat was discounted at 6% 1 20 30 Borrowed $5,000 from First National Bank on a three-month, non- Received a $4,000, 90-day,65% note from L. Revsin in payment of an account receivable Issued a check to Mac Farm Equipment in payment ot the nate issued on October 1, including interest Dec. 10 i ssued a $3,000, 90day, 6% note to Remak Tractors to extend time for payment or an account payable Recerved nosticaton from Merchants Natonal Bank that R. Chamber the note plus a $20 bank fee that must be paid to the bank s has dishonored his note. A check is issuedzo cover e bank Required 1. Prepare general journal enries for te transacions. 2 Prepare necessary adjusang entries for the notes outstanding on Ded Check My Work 1 more Check My Work uses remaining Next save and Exit Submit Assignment for Grading