Please prepare the following journal entries according to the given instruction and transactions.

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Assignment Attached Files Notes receivable assignments (8.964 KB) Instructions: Prepare the journal entries for the transactions. Staples uses a periodic inventory system Staples hos May 31 fiscal year-end. Selected transactions in the year included the following Jan 10 Sold 57000 of merchandise to MNP ltd terms w/30 Feb 3. Accepted 510000, 3 month. en promissory note from MNP Id. for the balance duo (see way to transaction interest must be paid monthly Feb 21, Sold 45000 of merchandise to KPMG, term 1/10 Mar. 1 Colected the monthly interest payment from MNP itd.(see February 3 transaction Mars Accepted a 10.000, 9 month, note from KPMG for sbatance dun, with interest payable at maturity Mar 31 Accrued interest on any outstanding notes Aort collected the monthly interest payment from MNP d. (see February transaction) May Collected MNP note in full set February transaction 3 KPMG ishonours tesnore on March 5 h is expected that KPMG will eventually pay the amount owed. 15. Sold 58000 of merchandise to ESY and accepted S6000, 3 months, note for the amount due, with interest payable with maturity October 15 EXY note was dishonoured tie july 15 transaction. Exis bankrupt and it is anticipated that the amount will never be collected