On January 2, Speedway Ltd. sold merchandise on account to R. Gary for $45,000, terms n/30. The company uses a perpetual inventory system and the merchandise originally cost $31,600. On February 1, R. Gary gave Speedway 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, Speedway's year end, annual adjusting entries were made. On July 1, R. Gary paid the note and any remaining interest. Prepare the journal entries for Speedway 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 for the amounts.) Date Credit Account Titles and Explanation Accounts Receivable Debit 45,000 Jan. 2 45,000 (To record sales) Cost of Goods Sold 31,600 31,600 Inventory (To record cost of merchandise sold) Notes Receivable Feb. 1 July 1