Alikhan Co. sold merchandise on account to Emerald Co. for $42,000, terms n/30, on April 1, 2014. Alikhan uses a perpetual inventory system and the merchandise had a cost of $25,200. On June 1, 2014, Emerald gave Alikhan a six-month, 6% promissory note in settlement of the account. Interest is to be paid at maturity. On December 1, Emerald paid the note and accrued interest. Record the above transactions for Alikhan Co. Alikhan Co. has a July 31 fiscal year end and adjusts its accounts annually.