Raecker, Inc., completed the following transactions during the current year. Source documents are abbrevi$-$

ated as follows: check, C; receipt, R$.$

Transactions:

Aug. $1.$ Signed a $90-$day, $11\%$ note with City National Bank for $$1,100\mathrm{.}00.$ R$143.$

Sept. $12.$ Signed a $60-$day, $12\%$ note with First American Bank for $$1,200\mathrm{.}00.$ R$176.$

Oct. $21.$ Signed a $60-$day, $10\%$ note with Commercial State Bank for $$800\mathrm{.}00.$ R$203.$

Instructions:

Journalize the transactions on page $15$ of a cash receipts journal.

Calculate the maturity dates for each note.

Calculate the total amount of interest due at maturity for each note.

Journalize the following transactions on page $21$ of a cash payments journal. Use the maturity dates and

the interest amounts calculated in the preceding steps.

Paid cash for the maturity value of the City National Bank note. C$245.$

Paid cash for the maturity value of the First American Bank note. C$352.$

Paid cash for the maturity value of the Commercial State Bank note. C$459.$