Vance Commercial Properties, Inc., has an accounting period of one year, ending on July 31. On July 1, 1998, the balances of certain ledger accounts are Notes Receivable, \(\$ 654,000\); and Notes Payable, \(\$ 900,000\). A schedule of the notes receivable is as follows:

The note payable is a 60-day bank loan dated May 20, 1998. Notes Payable-Discount was debited for the discount of \(\$ 6,000\). Following are the company's transactions during July:

Prepare dated journal entries for these transactions and necessary July 31 adjusting entries.

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Face Amount Date Maker of Note Life Interest Rate $270,000 Parker Co. 5/15/98 60 days 12% 120,000 Dot Co. 5/31/98 60 12 264,000 Fixx Co. 6/15/98 30 10 $654,000