Apr. 30	Issued a $150,000, 30-day, 6% note dated April 30 to Misner Co. on account.
May 30	Paid Misner Co. the amount owed on the note dated April 30.

	Required:
	Journalize the above transaction, assuming a 360-day year is used for interest calculations. Refer to the Chart of Accounts for exact wording of account titles.

CHART OF ACCOUNTS

General Ledger

	ASSETS
110	Cash
111	Accounts Receivable
112	Interest Receivable
113	Notes Receivable
115	Inventory
116	Supplies
118	Prepaid Insurance
120	Land
123	Building
124	Accumulated Depreciation-Building
125	Office Equipment
126	Accumulated Depreciation-Office Equipment

	LIABILITIES
211	Accounts Payable-Batson Company
212	Accounts Payable-Jergens Inc.
213	Accounts Payable-Misner Co.
214	Accounts Payable-Scotland Company
221	Notes Payable-Batson Company
222	Notes Payable-Jergens Inc.
223	Notes Payable-Misner Co.
224	Notes Payable-Scotland Company
231	Interest Payable
241	Salaries Payable
242	Social Security Tax Payable
243	Medicare Tax Payable
244	Employees Federal Income Tax Payable
245	Employees State Income Tax Payable
251	Medical Insurance Payable
252	Vacation Pay Payable
253	Retirement Savings Deductions Payable
254	Union Dues Payable
261	Federal Unemployment Tax Payable
262	State Unemployment Tax Payable
271	Product Warranty Payable

	EQUITY
310	Common Stock
311	Retained Earnings
312	Dividends
313	Income Summary

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Merchandise Sold
520	Salaries Expense
525	Delivery Expense
526	Repairs Expense
531	Rent Expense
533	Insurance Expense
534	Supplies Expense
535	Payroll Tax Expense
536	Vacation Pay Expense
538	Cash Short and Over
539	Product Warranty Expense
541	Depreciation Expense-Building
542	Depreciation Expense-Office Equipment
590	Miscellaneous Expense
710	Interest Expense

Journalize the transaction, assuming a 360-day year is used for interest calculations. Refer to the Chart of Accounts for exact wording of account titles.

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JOURNAL

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