Prepare journal entries to record Schafer Merchandisings transactions. Round all values to the nearest cent.

2015

Dec. 22 ....... Schafer Merchandising accepted a 60-day, 11% note from M. Graham for $6,300, granting a time extension on the past-due account.

Dec. 31 ....... Made an adjusting entry to record the accrued interest on the M. Graham note.

Dec. 31 ....... Closed the interest revenue account (only worry about closing this account).

2016 Jan. 10 ........ Schafer Merchandising accepted a 90-day, 12% note from A. Wilson for $3,800, granting a time extension on the past due account.

Feb. 20 ........ Received M. Grahams payment for the principal and interest on the note dated December 22.

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Apr. 1 .......... Schafer Merchandising accepted a 60-day, 10% note from J. Stiller for $4,100, granting a time extension on the past-due account.

Apr. 9 .......... A. Wilson dishonoured the note when presented for payment. ??? ..............

Determine the date that J. Stiller note matures and record the entry to show collection.

General Jornal