Question 1 [30 points] Prepare journal entries to record ABC Inc.'s transactions. Round all values to the nearest cent. a. November 23, 2013: Accepted a $5,400, 60-day, 11% note dated this day in granting Carter Stark a time extension on the past-due account. b. December 31, 2013: An adjusting entry was made to record the accrued interest on the Carter Stark note. c. December 31, 2013: Closed the interest revenue account. d. January 22, 2014: Carter Stark's payment for the principal and interest from the note dated November 23 was received. e. August 1, 2014: Accepted a $7,600, 60-day, 11% note dated this day in granting Kevin Smith a time extension on the past-due account. f. Determine the date that transaction (e) matures and record the entry to show the collection. Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (i.e., January 15 would be 15/Jan). General Journal Page GJ1 Date Account/ Explanation F |Debit Credit 23/Nov |Notes Receivable.. 5,400 + - Accounts Receivable, Carter Stark 5,400 a 31/Dec Interest Receivable.. Interest Earned. b 31/Dec Interest Earned. + Income Summary .] 22/Jan Cash. + Interest Earned. Interest Receivable.. Notes Receivable.. 5,400 d 1/Aug Notes Receivable. 7,600 + - Accounts Receivable, Kevin Smith 7,600 e 1/Oct Cash.... + |Notes Receivable. Interest Earned