Journal Entries (Note Received, Renewed, and Collected) Jan. 16 Received a 30-day, 6% note in payment for merchandise sale of $20,000. Feb. 15 Received $100 (interest) on the old (January 16) note; the old note is renewed for 30 days at 7%. Mar. 17 Received principal and interest on the new (February 15) note. 19 Received a 60-day, 6% note in payment for accounts receivable balance of $8,000. May 18 Received $80 (interest) plus $1,000 principal on the old (March 19) note; the old note is renewed for 60 days (from May 18) at 6%. July 17 Received principal and interest on the new (May 18) note. Prepare general journal entries for the transactions. Assume 360 days in a year.Page: 1DATE ACCOUNT TITLE DEBIT CREDIT120--Jan. 16Sales 12 23 34Feb. 15 45 56 67 78 89Mar. 17 910 1011 1112 1213Mar. 19 1314 1415 1516May 18 1617 1718 1819 1920 2021July 17 2122 2223 2324 24

Journal Entries (Note Received, Renewed, and Collected) Jan. 16 Received a 30-day, 6% note in payment for merchandise sale of $20,000. Feb. 15 Received $100 (interest) on the old (January 16) note;...

Journal Entries (Note Received, Renewed, and Collected)

Jan. 16	Received a 30-day, 6% note in payment for merchandise sale of $20,000.
Feb. 15	Received $100 (interest) on the old (January 16) note; the old note is renewed for 30 days at 7%.
Mar. 17	Received principal and interest on the new (February 15) note.
19	Received a 60-day, 6% note in payment for accounts receivable balance of $8,000.
May 18	Received $80 (interest) plus $1,000 principal on the old (March 19) note; the old note is renewed for 60 days (from May 18) at 6%.
July 17	Received principal and interest on the new (May 18) note.

Prepare general journal entries for the transactions. Assume 360 days in a year.

Page: 1

DATE ACCOUNT TITLE DEBIT CREDIT

120--
Jan. 16

Sales 12 23 34

Feb. 15 45 56 67 78 89

Mar. 17 910 1011 1112 1213

Mar. 19 1314 1415 1516

May 18 1617 1718 1819 1920 2021

July 17 2122 2223 2324 24

Jun 10, 2022