Prepare general journal entries for the following transactions

| September 8, 2016

Question
Prepare general journal entries for the following transactions:
Aug. 4 Received a 120-day, 12% note in payment for accounts receivable balance of $4,000.
14 Discounted the note at a rate of 14%.
Sept. 5 Received a 30-day, 11% note in payment for accounts receivable balance of $1,200.
Oct. 5 The $1,200, 30-day, 11% note is dishonored.
Nov. 4 The dishonored note is paid, plus interest at 11% on the maturity value.

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