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Notes Payable Entries

Milo Radio Shop had the following notes payable transactions:

Apr. 1	Borrowed $5,600 from Builder's Bank, signing a 90-day, 8% note.
5	Gave a $1,900, 60-day, 7% note to Breaker Parts Co. for purchase of merchandise.
10	Paid $600 cash and gave a $1,300, 30-day, 6% note to M. K. Reynolds in payment of an account payable.
May 10	Paid $600 cash, plus interest, and issued a new $700, 30-day, 7% note to M. K. Reynolds.
20	Borrowed $3,400 for 60 days from Builder's Bank on a non-interest-bearing note. The discount rate is 7%.
June 4	Paid $500 cash, plus interest, to Breaker Parts Co. (see April 5) and gave a new $1,400, 30-day, 7% note to extend time for payment.
9	Paid the principal and interest due on the $700 note to M. K. Reynolds. (See May 10.)
30	Paid the principal and interest due on the $5,600 note to Builder's Bank. (See April 1.)
July 4	Paid the principal and interest due on the $1,400 note to Breaker Parts Co. (See June 4.)
19	Paid the $3,400 non-interest-bearing note to Builder's Bank. (See May 20.)

Record the transactions in a general journal. Assume 360 days in a year.

DATE ACCOUNT TITLE DOC. POST. NO. REF. DEBIT CREDIT 1 20-- Apr. 1 1 N 2 3 3 4 5 4 5 5 an 6 7 10 7 00 8 9 9 9 10 10 11 May 10 11 12 12 13 13 14 14 15 15 16 20 16 17 17 18 18 19 19 20 June 4 20 21 21 22 22 23 23 24 24 25 9 13 25 26 26 27 27 28 28 29 30 29 30 30 31 31 32 32 33 July 4 33 34 lll 34 35 35 36 36 37 19 37 38 38 39 39 40 40 41 41