Questions:

1. Prepare the entry to record the transaction and any year-end entries for AALS. Provide descriptions for the journal entries.
2. Prepare the entry to record the interest and principal payment on September 30, 2023 for AALS. Provide journal entry description for all transactions.
3. If Walkington Investments Corporation had the same year end, record the entries from their perspective, with descriptions.

- Company name is AA Lending Services Ltd. (AALS) - Year end is August 31, 2023 - AALS signed a promissory note receivable with Walkington Investments Corporation (WIC), lending WIC funds with the following details: - Amount $3,600,000 -Interest of 8% (interest begins from start of the loan) -Payments of $30,000 per month plus interest beginning September 30, 2023 - Maturity date July 31, 2033 -Signed on August 1, 2023 Round all amounts up to the next dollar