A cash receipts journal and a cash payments journal are provided in the Working Papers. Source documents are abbreviated as: check, C; receipt, R. Your instructor will guide you through the following examples.

1. Using the current year, journalize the following transactions in the cash receipts journal.

2. Calculate the maturity date of each note and the total amount of interest due at maturity for each note.
3. Journalize the following transactions in the cash payments journal. Use the maturity dates and interest amounts calculated in the previous steps.

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May 14. Signed a 90-day, 12% note with First National Bank, $5,000.00. R145. June 5. Signed a 180-day, 10 % note with American Bank, $8,000.00. R213.