Q7.On May 25, Al Mujaaz Company made a credit sale of OMR 220,000 to Al Zahir Company and received a note for four months with 8% interest from him in settlement of account receivables. Al Mujaaz Company closes their accounts every year on July 31" and calculated accrued interest on the note of May 25. Al Mujaaz Company received Notification from Al Zahir that he was unable to honour his note on the due date and it is expected that Al Zahir will pay at a later date but On 1" October Al Zahir has paid full amount on note, On May 25, Another note for 60 days 11.5% interest has been received for OMR 112,000 from AL.Zubair Company has been honoured on the due date. (5 Marks) Prepare Necessary Journal entries for the above Transactions