Prepare general journal entries for the following transactions for this company for the current year: [TABLE]

For the transaction on April 25, the general journal entry would be: Debit Accounts Receivable - CBC Corp. $4,500 Credit Sales Revenue $4,500 And for the transaction on June 24, the general journal entry would be: Debit Accounts Receivable - CBC Corp. $4,500 Credit Notes Receivable - CBC Corp. $4,500 Explanation: The first transaction involves a sale of merchandise to CBC Corp. The company receives a 10%, 60-day note receivable as payment for the sale. This means that CBC Corp. promises to pay the full amount of $4,500 within 60 days, and the company will earn an additional 10% as interest for the delayed payment. To record this transaction, we debit Accounts Receivable - CBC Corp. for the full amount of $4,500, representing the amount that will be paid by CBC Corp. We credit Sales Revenue for $4,500, which represents the total amount of revenue earned from the sale of merchandise. The second transaction involves a dishonored note receivable from CBC Corp. This means that CBC Corp. fails to pay the full amount of $4,500 within the agreed 60-day period. To record this transaction, we debit Accounts Receivable - CBC Corp. for $4,500, as this is the amount that is still owed by CBC Corp. We credit Notes Receivable - CBC Corp. for $4,500, as this is the amount of the dishonored note receivable that the company is no longer able to collect.