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, 9% note in payment for merchandise sale of $19,400. Feb. 15 Received $150 (interest) on the old (January 16) note: the old note is renewed for 30 days at 11% Mar. 17 Received principal and interest on the new (February 15) note 19 Received a 60-day, 9% note in payment for accounts receivable balance of $7,600. May 18 Received $114 (interest) plus $1,000 principal on the old (March 19) note; the old note is renewed for 60 days (from May 18) at 9% July 17 Received principal and interest on the new (May 18) note Assume 360 days in a year