Instructions Notes Payable Entries 1. Record the transactions in a general journal. When required, enter amounts to the nearest cent. If an amount box does not require an entry, leave it blank. Assume 360 days in a year. Milo Radio Shop had the following notes payable transactions: Apr. 1 Borrowed $5,500 from Builder's Bank, signing a 90-day, 8% note. 5 Gave a $2,100, 60-day, 7% note to Breaker Parts Co. for purchase of merchandise. 10 Paid $500 cash and gave a $1,600, 30-day, 6% note to M. K. Reynolds in payment of an account payable. May 10 Paid $500 cash, plus interest, and issued a new $1,100, 30-day, 7% note to M. K. Reynolds. 20 Borrowed $3,300 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 $1,600, 30-day, 7% note to extend time for payment. 9 Paid the principal and interest due on the $1,100 note to M. K. Reynolds. (See May 10.) 30 Paid the principal and interest due on the $5,500 note to Builder's Bank. (See April 1.) July 4 Paid the principal and interest due on the $1,600 note to Breaker Parts Co. (See June 4.) 19 Paid the $3,300 non-interest-bearing note to Builder's Bank. (See May 20.) 1. Record the transactions in a general journal. When required, enter amounts to the nearest cent. If an amount box does not require an entry, leave it blank. Assume 360 days in a year. Page: DATE ACCOUNT TITLE DOC. POST. NO. REF. DEBIT CREDIT 1 20-- Apr. 1 N M | 4 5 7 10 10 11 May 10 20 June 4 21 24 01 v11 01 11 11 H1 H11 III III II 25 9 26 27 28 29 30 30 32 33 July 4 34