(The forms you need are on pages 448457 of the Study Guide and Working Papers.) 14B-1. Journalize the following entries for (1) the buyer and (2) the seller. Dec. 16 Received a $20,000, 60-day, 11% note from Larry Company in payment of account past due. Discounted the Beverly Fields note to Realty Bank at 13%. Recorded adjusting entries as appropriate. 28 Dec. Dec. 31 Group B Problems 20X9 July 10 Aug. 10 Nov. 8 Lee Company sold $8,000 of merchandise on account to Connors Company. Lee Company received a 90-day, $6,000,9% note for a time extension of past due account of Rover Company. Collected the Rover Company note on the maturity date. Assuming Rover Company defaulted on November 8, record the dishon- ored note. Rover Company paid the note receivable that was dishonored on November 8 (no additional interest is charged). Check Figure: Nov. 8 Interest Exper Interest Income $13 Nov. 8 Nov. 16