On May 25, Al Mujaaz Company made a credit sale of OMR 320,000 to Al Zahir Company and received a note for 120 days with 7.75% interest from him in settlement of account receivables. Al Mujaaz Company closes their accounts every year on July 31 st and calculated accrued interest on the note of May 25 th. Al Mujaaz Company received Notification from Al Zahir that he was unable to honour his note on the due date it is expected that Al Zahir will pay at a later date but On 1 st October Al Zahir has paid full amount on note. On May 25 another note for 90 days 12.5% interest has been received for OMR 142,000 from Al Zubair Company has been honoured on the due date. Prepare Necessary Journal entries for the above Transactions.

Note: provide the answer in text format