Please prepare in journal entry form and explain how you got the entries. Thank you so much.

PART VI NOTES RECEIVABLE (8 points) Instructions: Prepare journal entries to record the following events: July 1: Howell Company received an 8%, 4-month $30,000 note dated July 1 from a customer for the balance of his open account. Nov. 1: The note is honored and no interest has been previously accrued. Nov. 1: Assume instead that the note is dishonored by its maker and there is hope of future collection. Nov. 1. Assume instead that the note is dishonored and there is no hope of future! collection