Exercise #8.13Passera Supply Co. has the following transactions:Nov. 1Loaned $60,000 cash to A. Morgan on a one-year, 8% note (annual rate)Nov. 15 Sold goods to H. Giorgi on account for $12,000, terms n/30. The goods cost Passera $7,500. Passera uses the perpetual inventory systemDec. 1 Sold goods to Wrightman Inc.receiving a $21,000, three-month, 6% note (annual rate). The goods cost Passera $14,000.Dec. 15H. Giorgi was unable to pay their account. Giorgi exchanged their overdue account for a six-month, 7% note (annual rate) in settlement of their account.Dec. 31Accrued interest revenue on all notes receivable. Interest is due at maturityMar. 1Collected the amount owing on the Wrightman noteJune15 H.Giorgi dishonoured the note. Future payment is expectedInstructions: Prepare all required journal entries. Include cost of goods sold entries