Here are some of the transactions carried out by Ailing Trading Company

Instructions 1. Record these transactions in the general journal (page 11).
2. Immediately after each journal entry, record each note receivable in the notes receivable register (page 7).

a. All notes are payable at Salem State Bank.

b. Fill in the date paid after journalizing the receipt of payment of the note, or fill in “renewed” or “discounted” when appropriate.
Check Figure Interest Income on Miller Imports note, $21.12

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Jan. 6 Sold merchandise on account to Miller Imports: 2/10, n/30; $2,816. Feb. 5 Received a 30-day, 9 percent note, dated this day, for $2,816 from Miller Imports on account. Mar. 7 Apr. 25 Miller Imports paid the amount due on its note of February 5. Sold merchandise on account to Klein's Gift Shop; 2/10, n/30; $3,152. May 25 Received a 45-day, 11 percent note, dated May 25, for $3,152 from Klein's Gift Shop on account. July 9 Klein's Gift Shop paid the interest on its note of May 25 and renewed the obligation by issuing a new 60-day, 12 percent note for $3,152, dated July 9. Sept. 7 Received check from Klein's Gift Shop for the amount owed on its note of July 9. 14 Sold merchandise to Rikki Boe, Inc., $4,286, receiving its 30-day, 10 percent note. (The sale was not previously recorded.) 24 Discounted the note received from Rikki Boe, Inc., at Salem State Bank; discount rate, 9 percent.