Notes Receivable Discounting Marienau Suppliers had the following transactions: Mar. 1 Sold merchandise on account to G. Perez, $5,000. 20 G. Perez gave a $5,000, 90-day, 6% note to extend time for...

Extracted text: Notes Receivable Discounting Marienau Suppliers had the following transactions: Mar. 1 Sold merchandise on account to G. Perez, $5,000. 20 G. Perez gave a $5,000, 90-day, 6% note to extend time for payment. 30 G. Perez's note is discounted at Commerce Bank at a discount rate of 8%. Received a $3,000, 60-day, 6% note from D. Larson in payment for sale of Apr. 20 merchandise. May 5 D. Larson's note is discounted at Commerce Bank at a discount rate of 7%. D. Larson's note is dishonored. The bank bills Marienau for the maturity value of the June 19 note plus a $40 bank fee. July 31 D. Larson's dishonored note is collected; Larson pays Marienau the maturity value of the note, the $40 bank fee, and interest at 6% on the maturity value plus the bank fee. Aug. 1 Sold merchandise on account to A. Bauer, $5,600. 12 A. Bauer paid $400 and gave a $5,200, 30-day, 5% note to extend time for payment. A. Bauer paid $400, plus interest, and gave a new $4,800, 60-day, 6% note to extenc Sept. 11 time for payment. 26 A. Bauer's note is discounted at Commerce Bank at a discount rate of 7.5%. A. Bauer's note is dishonored. The bank bills Marienau for the maturity value of the Nov. 10 note plus a $40 bank fee. Dec. 15 A. Bauer's dishonored note is collected. Bauer pays Marienau the maturity value of the note, the $40 bank fee, and interest at 6% on the maturity value plus the bank fee. Required: Record the transactions in a general journal. Assume 360 days in a year. Page: DOC. POST. NO. REF. DATE ACCOUNT TITLE DEBIT CREDIT 20-- 1 Mar. 1 2 3 3 4 20 4 6 6. 7 30 7 8 8. 10 10 11 Apr. 20 11 12 12 13 13 14 May 5 14 15 15 16 16 | 17 17 18 June 19 18 19 19 |20 20 21 July 31 21