Link Back to Chapter 5 (Recording a Sale). Use your answers to Daily Exercise 8A- 1 to journalize General Telecom's transactions as follows: June 30 30 May 31 Sold a telecommunications system, receiving a 9-month, 8%, $500.000 note from the city of Durango. General Telecom's cost of the system was $450,000. Received cash for interest revenue for one month. Round to the nearest dollar. Discounted the note to Rocky Mountain Bank at a discount rate of 9%.