The following were among the transactions of Kim’s Crafts during this year. Kim’s fiscal year ends on December 31.

Instructions 1. Record these transactions in one of the following journals: cash receipts jour¬
nal (page 16), cash payments journal (page 21), and general journal (page 12).

2.Immediately following each journal entry, record each note in the notes pay¬
able register (page 5). Fill in the date paid after journalizing the entry to pay the note, or fill in “renewed” if not paid.

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Jan. Feb. 25 Bought merchandise on account from Ross Company, $3,980; terms 2/10, n/30. 24 Gave a 30-day, 8 percent note to Ross Company, dated February 24, to apply on account, covering purchase of January 25, $3,980 (28 days in February). Mar. 26 Paid $1,500 as part payment on principal as well as the full interest on the note given to Ross Company (Ck. No. 4120). Issued a new note for $2,480, 45 days, 8.5 percent, dated March 26 (2 entries). Paid amount owed on the note dated March 26 (Ck. No. 4215). Borrowed $6,960 from Old Bank for 90 days; discount rate is 9 per- cent. Accordingly, signed a discounted note for $6,960, dated June May 10 June 20 20. Sept. 18 Paid the amount owed on the note given to Old Bank, dated June 20 (Ck. No. 4310). Oct. Dec. Jan. 28 Bought display racks for $1,980 from Cain's Fixtures. Issued a 90- day, 8 percent note, dated October 28. 31 Recorded the adjusting entry for accrued interest on the note given to Cain's Fixtures. 1 Recorded the reversing entry (assume closing entries were journal- ized and posted).