Day 149: Study Day

Prepare the journal entry for the following transactions:

1. On June 2, Biggersly Services, Inc. issued a 60-day, 4% interest-bearing note with a face amount of $20,000 for the purchase of office equipment.
2. On the maturity date, Biggersly Services, Inc. paid the above note, in full.
3. On May 1, Rotini Popcorn Company borrowed cash from the Bank of Venutia by issuing a 90-day, 6% discounted note with a face amount of $100,000.
4. On the maturity date, Rotini Popcorn Company paid the above note, in full.
5. On May 2, Smallsley Services, Inc. issued a 60-day, 4% interest-bearing note with a face amount of $100,000 for the purchase of office equipment.
6. On the maturity date, Smallsley Services, Inc. paid the above note, in full.
7. On July 11, Laslo Candy Company borrowed cash from the Bank of Venutia by issuing a 90-day, 6% discounted note with a face amount of $20,000.
8. On the maturity date, Laslo Candy Company paid the above note, in full.