Journal Entries (Note Issued, Renewed, and Paid) May 1 Purchased $5,000 worth of equipment from a supplier on account. June 1 Issued a $5,000, 30-day, 6% note in payment of the account payable. Paid...

Extracted text: Journal Entries (Note Issued, Renewed, and Paid) May 1 Purchased $5,000 worth of equipment from a supplier on account. June 1 Issued a $5,000, 30-day, 6% note in payment of the account payable. Paid $500 cash plus interest to the supplier, extending the note for 30 days July 1 from July 1. 31 Paid the note in full. Issued a $3,500, 60-day, 7% note to a supplier for purchase of Aug. 10 merchandise. Prepare general journal entries for the transactions. Assume 360 days in a year. Page: 1 DOC. POST. NO. REF. DATE ACCOUNT TITLE DEBIT CREDIT 20-- May 1 2 3 3 Jun. 1 4 6. 7 Jul. 1 8 8. 9 10 10 11 11 12 Jul. 31 12 13 13 14 14 15 15 16 Aug. 10 16 17 17 18 18