Sloan Systems sells voice mail systems to small businesses. Sloan engaged in the following activities involving notes receivable:
a. On October 1, 2011, Sloan sold an $8,000 system to Majors Company. Majors gave Sloan a seven-month, 10 percent note as payment.
b. On November 1, 2011, Sloan sold a $6,000 system to Hadley Inc. Hadley gave Sloan a ten month, 12 percent note as payment.
c. On May 1, 2012, Majors paid the amount due on its note.
d. On September 1, 2012, Hadley paid the amount due on its note.
Required:
Prepare the necessary journal and adjusting entries for Sloan Systems to record these transactions.