Notes Receivable Entries 3. K. Pratt Co. had the following transactions: 20-1 July 20 Received a $700, 30-day, 7% note from ). Akita in payment for sale of merchandise. Aug. 19 ). Akita paid note issued July 20 plus interest. 25 Sold merchandise on account to L. Beene, $1,100. Sept. 5 L Beene paid $100 and gave a $1,000, 30-day, 4% note to extend time for payment. Oct. 5 L. Beene paid note issued September 5, plus interest. 10 Sold merchandise to R. Harris for $640: $40 plus a $600, 30-day, 4% note. Nov. 9 R. Harris paid $120 plus interest on note issued October 10 and extended the note ($480) for 30 days. Dec. 9 R. Harris paid note extended on November 9, plus interest. 10 Sold merchandise on account to B. Kraus, $1,600. 15 B. Kraus paid $130 on merchandise purchased on account, and gave a $1,470, 30-day, 5% note to extend time for payment. 20-2 Jan. 14 B. Kraus's note of December 15 is dishonored Feb. 13 Collected B. Kraus's dishonored note, plus interest at 5% on the maturity value. Required: Record the transactions in a general journal. Assume 360 days in a year