This Testt 100 pits his Question: 5 pts 427 of 35 (23 complete) Salem Hardware Supply, Inc., sells on account. When a customer account becomes four months old, Salem Hardware Supply converts the account to a note receivable. During 2016, Salem Hardware Supply completed these transactions: Mar Aug 29 Sold goods on account to Montclair, Inc $16,000. Ignore cost of goods sold. 1 Received a S16.000. 60-day, 9% note from Montclair. nc, n satisfaction of its past due a count receivable. 30 Collected the Montclair, Inc., note at maturity Use 360-day year for interest computation and round to the nearest dolla Requirement 1. Record the transactions in Salem Hardware Supply, Inc. jounal. (Record debits first, then credits Exclude explanations from any journal entries.) Record the sales on account Journal Entry Date Accounts Debit Credit Mar 29 Cash Record the receipt of the note. Journal Entry Date Accounts Debit Credit Aug Record the collection of the Montclair, Inc. note Journal Entry Date Accounts Debit Credit Sep 30 Choose from any list or enter any number in the input flelds and then continue to the next