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Brief Exercise 8-10 Your answer is partially correct. Try again. On January 2, Marshall Ltd. sold merchandise on account to R. James for $51,000, terms n/30. The company uses a perpetual inventory system and the merchandise originally cost $32,200. On February 1, R. James gave Marshall a five-month, 6% note in settlement of this account. On April 30, Marshall's year-end, annual adjusting entries were made. On July 1, R. James paid the note and accrued interest. Prepare the journal entries for Marshall to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) ALLOUIL TILIGU LAPiallo Lun Jan. 2 Accounts Receivable 1 51,000 C Sales T 51,000 (To record sales) cost of Goods Sold T Inventory (To record cost of merchandise sold) JTNotes Receivable 32,200 132,200 C Accounts Receivable 51,000 Interest Receivable Interest Revenue July 1 cash Notes Receivable 51,000 BE Interest Receivable Interest Revenue