The following were among the transactions of Kingley Comthe year ended December 31:

Instructions 1. Record these transactions in a general journal (page 26).
2. Immediately after each journal entry, record each note in the notes payable register (page 7). Fill in the date paid after journalizing the entry to pay the note, or fill in “renewed” if not paid.
3. On December 31, record the adjusting entries to adjust for accrued interest expense for the McNeil Company note and Discount on Notes Payable for the Horner Bank note.
4. On January 1, record the reversing entry. (Assume that closing entries have been made.)
5. On February 8, record the payment of the note to McNeil Company.
6. On February 16, record the payment of the note to Horner Bank.
7. On February 16, record the entry to expense the discount on the Horner Bank note.
Check Figure December 18 Discount on Notes Payable, $341.67

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May 24 Gave a 60-day, 10 percent note for $60,300, dated May 24, to DeClerk Builders for additional office space. June 20 Borrowed $14,200 from First Bank, signing a 3-month, 10 percent note for that amount, dated June 20 (received full face value). July 15 Gave a note to Custom Carpentry for shelving units, $12,600 at 10 percent for 90 days, dated July 15. The invoice was not previously recorded. July 23 Sept. 20 Oct. 13 27 Paid the amount due on the note given to DeClerk Builders. Paid interest on the note issued to First Bank; renewed the loan by issuing a new 60-day, 10.5 percent note, dated September 20. Paid the amount owed on the note given to Custom Carpentry. Gave two notes to Chapman Company in settlement of their Octo- ber 27 invoice for merchandise, as follows: $12,300 note for 30 days at 9.5 percent, dated October 27; $12,300 note for 60 days at 9.75 percent, dated October 27. The invoice was not previously recorded.