Prepare entries in general journal form to record the following
Prepare entries in general journal form to record the following:
Aug. 6 Woodard Company failed to pay its 30-day, 5 percent note for $ 480, dated July 7. The note is thus dishonored at maturity.
Sept. 5 Woodard Company pays the balance of its account, plus an additional 30 days’ interest at 5.5 percent on the amount owed.

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