CLICK HERE TO REVIEW LEARNING OBJECTIVES QUESTIONS Not complete Points out of 4.00 Flag question Journal Entries for Accounts and Notes Payable Logan Company had the following transactions Apr. 8 Issued a $5,000, 60-day, six percent note payable in payment of an account with Bennett Company. May 15 Borrowed $40,000 from Lincoln Bank, signing a 60-day note at nine percent. Jun. 7 Paid Bennett Company the principal and interest due on the April 8 note payable Jul. 6 Purchased $12,000 of merchandise from Bolton Company; signed a 90-day note with ten percent interest. Jul. 14 Paid the May 15 note due Lincoln Bank. Oct. 2 Borrowed $30,000 from Lincoln Bank, signing a 120-day note at 12 percent. Oct. 4 Defaulted on the note payable to Bolton Company Required a. Record these transactions in general journal form. b. Record any adjusting entries for interest in general journal form. Logan Company has a December 31 year-end Round answers to nearest dollar. Use 360 days for interest calculations. General Journal Date Description Debit Credit Apr.8 Issued a 60-day, 6 percent note payable in payment of an account payable May 15