Journalize the following transactions of Cramer Art Supply, Inc., which ends its accounting year on September 30:

May 1 Loaned $2500 cash to Dan Maier on a one-year, 10% note.

Sep 7 Sold goods to Colorful Creations, Corp., receiving a 90-day, 8% note for $3,350. Ignore cost of goods sold.

30 Made a single entry to accrue interest revenue on both notes. Use a 360-day year for interest computations and round to the nearest dollar.