Trader Rics accepted a $5,000, 10%, 90-day note dated Mar 16, from William LLC. in exchange for its past-due account receivable. Make the necessary general journal entries for Trader Rics. on Mar 16 and the June 14 maturity date, if the:

Note is held until maturity and collected in full at that time. You should have two journal entries.

DateAccount Name Debit Credit