4.) JOURNAL ENTRIES NOTE RECEIVED RENEWED AND COLLECTED)Prepare general journal

4.) JOURNAL ENTRIES NOTE RECEIVED RENEWED AND COLLECTED)Prepare
general journal entries for the following transactions:May
22Received a 30-day 9% note in
payment for merchandise sale of $22000.June 21Received $165.00 cash (interest) on the
old (May 22) note; the old note is renewed for 30 days at 10%.July
21Received principal and interest
on the new (June 21) note.28Received a 45-day 7% note in payment
for accounts receivable balance of$11600.Sept. 11Received $101.50 cash (interest) plus
$1600 principal on the old (July 28)note; the old note is
renewed for 60 days (from September 11) at 9%.Nov.
10Received principal and interest
on the new (September 11) note.
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