Transcribed Image Text: da 14 (Notes Receivable and Notes Receivable Discounted) The following notes receivable transactions occurred for the Hara Company during the last three

Transcribed Image Text: da 14 (Notes Receivable and Notes Receivable Discounted)
The following notes receivable transactions occurred for the Hara Company during the last
three months of the current year. (Assume all notes are dated the day the transaction occurred.)
Oct. 9
Received a $5,000, 12%, 60-day note from Kanda a customer.
Oct. 12
Received a $6,000, 10%, 90-day note from Darun a customer.
Oct. 15
Discounted the Kanda note with recourse at the bank at 14%.
Nov. 11
Discounted the Darun note with recourse at the bank at 15%.
Nov. 16
Received a $8,000, 12%, 60-day note from Nena a customer.
Nov. 20
Received a $6,000, 11%, 120-day note from Wanna a customer.
Dec. 1
Received a $9,000, 13%, 90-day note from Wirun a customer.
Dec. 8
Received notice that the Kanda note was paid at maturity.
Dec. 10
Discounted the Wanna note with recourse at the bank at 13%.
Required
1. Prepare journal entries to record the preceding note transactions and the necessary adjusting
entries on December 31. (Assume that Hara does note normally discount its notes)

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