Instructions General Journal Instructions Journal Entries (Note Received, Renewed, and Collected) 1. Prepare general journal entries for the transactions When required, enter amounts to the nearest cent. If an amount box does not require an entry, leave it blank. Jan. 16 Received a 30-day, 6% note in payment for merchandise sale of $20,000 Feb. 15 Received $100 (interest) on the old (January 16) note; the old note is renewed for 30 days at 7% Mar. 17 Received principal and interest on the new (February 15) note. 19 Received a 60-day, 6% note in payment for accounts receivable balance of $8,000 May 18 Received $80 (interest) plus $1,000 principal on the old (March 19) note; the old note is renewed for 60 days (from May 18) at 6% July 17 Received principal and interest on the new (May 18) note Assume 360 days in a year. Seneral Journal . Prepare general journal entries for the transactions. Vhen required, enter amounts to the nearest cent. If an amount box does not require an entry, leave it blank. DOC. POST NO. REF. Page: 1 CREDIT DEBIT DATE ACCOUNT TITLE 1 20-- Jan. 16 Notes Receivable Sales 20,000 20,000 4 Feb. 15 Cash 100 Notes Receivable (new note) Notes Receivable (old note) Interest Revenue 9 Mar. 17 Cash Notes Receivable Interest Revenue 13 Mar. 19 Notes Receivable 14 Accounts Receivable 8,000 16 May 18 Cash 1,080 Notes Receivable (new note) Notes Receivable (old note) Interest Revenue Interest Revenue 21 Jul. 17 Cash Notes Receivable Interest Revenue