Problem 8 - B Journalizing Receivable Transactions Periwinkle Company, a major supplier to retail businesses, completed the following transactions. Jan. 5 Sold $20,000 of merchandise, on account, to Salmon Company terms 1/10, n/30. 14 Received payment from Salmon Company, less discount. Mar. 10 Loaned AJ Silver, a trusted employee, $10,000 for 60 days in exchange for a 9% note. May 9 Received interest only from AJ Silver and accepted a new 12%, 30-day note for the principal (record the exchange of notes with a debit and credit to notes receivable). Jun. 8 Received maturity value, of note, from AJ Silver. 10 Sold $30,000 of merchandise to Turquoise Company on account. Jul. 10 Accepted an 8%, 60-day note from Turquoise Company giving a time extension on their account. Sep. 8 Received maturity value, of note, from Turquoise Company. 10 Sold $60,000 of merchandise on account to Peach Company. Oct. 10 Accepted an 8%, 30-day note from Peach Company giving a time extension on their account. Nov. 9 Peach Company dishonored the note dated October 10. Dec. 9 Received from Peach Company the maturity amount of the dishonored note, plus 12% interest for 30 days on the maturity value. Requirement: Prepare journal entries for each of the above transactions.

Periwinkle Company, a major supplier to retail businesses, completed the following transactions. Jan. 5 Sold $20,000 of merchandise, on account, to Salmon Company terms 1/10,n/30. 14 Received payment from Salmon Company, less discount. Mar. 10 Loaned AJ Silver, a trusted employee, $10,000 for 60 days in exchange for a 9% note. May 9 Received interest only from AJ Silver and accepted a new 12%,30-day note for the principal (record the exchange of notes with a debit and credit to notes receivable). Jun. 8 Received maturity value, of note, from AJ Silver. 10 Sold $30,000 of merchandise to Turquoise Company on account. Jul. 10 Accepted an 8%, 60-day note from Turquoise Company giving a time extension on their account. Sep. 8 Received maturity value, of note, from Turquoise Company. 10 Sold $60,000 of merchandise on account to Peach Company. Oct. 10 Accepted an 8\%, 30-day note from Peach Company giving a time extension on their account. Nov. 9 Peach Company dishonored the note dated October 10. Dec. 9 Received from Peach Company the maturity amount of the dishonored note, plus 12% interest for 30 days on the maturity value. Requirement: Prepare journal entries for each of the above transactions