On January 2, Golden Valley Ltd. sold merchandise on account to R. James for $47,000, terms n/30. The company uses a perpetual inventory system and the merchandise originally cost $30,800. On February 1, R. James gave Golden Valley a five-month, 6% note in settlement of this account. Interest is due at the beginning of each month, starting March 1. On April 30, Golden Valley's year end, annual adjusting entries were made. On July 1, R. James paid the note and any remaining interest. Prepare the journal entries for Golden Valley to record the transactions only on the dates listed above. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 2 Accounts Receivable 47000 Sales 47000 (To record sales) Cost of Goods Sold 30800 Inventory 30800 (To record cost of merchandise sold) Feb. 1 Notes Receivable 47000 Accounts Receivable 47000 Mar. 1 Interest Receivable 705 Interest Income 705 April 30 Interest Receivable 940 Interest Income 940 Mar. 1 A Interest Receivable 705 Interest Income 705 April 30 4 Interest Receivable 940 Interest Income 940 July 1 Cash Notes Receivable 47000 Interest Income 2115