on January 1, Year 1, Wedekind Company issued a $242,000, five-year, 11\% instaliment note to Shannon Bank. The note requires anneal payments of 565,478, be December 31, Year 1 Required: Joumalize the entries to record the following transactions. Fefor to the chart of accounts for the exact wording or the account teles. CNOW joumafs do not use Nines for joumat explanstions. Every bine on a journal page is used for debir or credit enthies. CNOW joumals wil automaticaly indent a credit entry when a crodit amourt is entered Year 1 Jan. 1 Issued the note for cash at is face amount Dec. 31 Paid the annual payment an the note, Which consisted of interest of $26,620 and peinicipat of 538,858 Year 4 Dee. 31 Paid the annual payment on the note, including 312,335 of interest. The remainder of the payment reduced the principal balance on the note. Instructions Chart of Accounis Journal Chart of Accounts CHART OF ACCOUNTS Wedekind Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Recewable 122. Allowance for Doubtrul Accounts 126 interest Receivable 127 Notes Receivable 131 Merchandise inventory 141 Ofice Supplies 142. Store Supplies REVENUE 410 Saies 610 Interest Revenue 611 Gain on Redemption of Bonds EXPENSES 510 Cost of Merchandise Sold 515 Credit Card Expense 516 Cash Short and Over 521 Sales Salarics Expense Instructions Chart of Accounts Joumal Chart of Accounts 141 Office Supplies 142. Store Supplies 151 Prepaid Insurance 191 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABIITIES 210 Accounts Payable 221 Salaries Payable 231 Sales Tax Payable 232 Interest Payable 241 Notes Payabie 251 Bonds Payable 516 Cash Short and Over $21 Sales Salaries Expense 522 Office Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Repairs Expense 534 Selling Expenses 535 Rent Expense 536 Insurance Expense 537 Office Supplies Expense 538 Store Supplies Expense 541 Bad Debt Expense 561 Depreciation Expense-Store Equipment 562 Depreciation Expense-Office Equipment 1590 Miscellaneous Expense 710 Interest Expense Chart of Accounts Journal Chart of Accounts 231 Sales Tax Payable 232 Interest Payable 241 Notes Payable 251 Bonds Payable 252 Discount on Bonds Payable 253 Premium on Bonds Payable EQUITY 311 Common Stock 312. Paid-in Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-in Capital in Excess of Par-Preferred Stock 331 Paid-In Captal from Sale of Treasury Stock 340 Retained Earnings 561 Depreciation Expense-Store Equipment 562 Depreciation Expense-Office Equipment 590 Miscellaneous Expense 710 interest Expense 711 Loss on Redemption of Bonds Chart of Accounts 252 biscount on bonas Hayabie Ii Loss on Keaempion or Bonas 253 Premium on Bonds Payable EQUITY 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in Excess of Par-Preferred Stock 331 Paid-In Capital from Sale of Treasury Stock 340 Retained Eamings 351 Cash Dividends 352 Stock Dividends Journatize the entries to record the transoctions. Refer to the chart of accounts for the exact warding of the account ftits. CNOWjoumals do not use ines for joumal expinhadons Every hine on a joumal page is used for debit or credit entres CNOW joumbls will autombtcally indent a credit entry when a credt amcunt is entered