#1 -I need to figure out how to record each note receivable in the notes receiva

Question

#1 -I need to figure out how to record each note receivable in the notes receivable register? I got the general journal part down not that I need to know how to do question #1 on here for the following. all notes are payable at all state bank and fill in the date paid after journaliz9ijng the receipt of payment of the note or fill in renewed or discounted when appropriate. need solutions please. Here are some of the transactions carried out by Geary Company this year. Jan 7 Sold merchandise on account to edge imports; 2/10, n/30; $2,835, feb 6 recieved a 30-day, 6percent note, dated this day, for $2,835 from Edge Imports on Account. March 8 Received payment from edge imports for the amount owed on its note of February 6. April 25 sold merchandise on account to katie's gift shop; 2/10, n/30; $3,460. May 25 received a 45 day, 5.75 percent note, dated May 25, for $3,460from Katie's Gift shop on account. July 9 katie's gift shop paid the interest on its note of may 25 and renewed the obligation by issuing a new 60-day, 6 percent note for $3,460, dated July 9. Sept. 7 Received a check from Katie's gift shop for the amount owed on its note of july 9. September 15 sold merchandise to reinhold, inc., for $4,898, receiving a 30-day, 6.25 percent note, dated this day (not preiously recorded.) Sept 25 discounted the note recived rom reinhold, inc, at all state bank; discount rate, 7 percent.

Explanation / Answer

Date Accounts Receivable Dr Cr 7-Jan Accounts Receivable $2,835 Sales $2,835 (Being sales on account to Edge Imports) 6-Feb Notes Receivable $2,835 Accounts Receivable $2,835 (Being a 30 day 6 percent note received from Edge Imports) 8-Mar Cash $2,849.18 Notes Receivable $2,835 Interest Revenue(2835*30/360*6%) 14.18 (Being amount collected of 30 day note @6% interest) 25-Apr Accounts Receivable 3460 Sales 3460 (Being sales on account to Katie gift shop) 25-May Notes Receivable 3460 Accounts Receivable 3460 (Being a 45 day 5.75 percent note received from Katie) 9-Jul Cash 24.9 Interest Revenue(3460*45/360*5.75%) 24.9 (Being interest received from customer) 9-Jul Note Receivable 3460 Note Receivable 3460 (Being note renewed of Katie for 60 days at 6% interest) 7-Sep Cash 3494.6 Notes Receivable 3460 Interest Revenue(3460*60/360*6%) 34.6 (Being amount collected against note receivable from Katie) 15-Sep Notes Receivable 4898 Sales 4898 (Notes Receivable for 30 days @ 6.25%by Reinhold Directly recorded to sales because it is issued on the same day) 25-Sep Cash 4904.36 Notes Receivable 4898 Interest Revenue 6.36 (Being Reinhold iNc note discounted with bank calculation as below) Interest= $4898*6.25%*30/360 25.51 Maturity nvalue=4698+25.51 4923.51 Discount by bank=4923.51*7%*(30-10)/360 19.15 Cash proceeds= 4923.51-19.15 4904.36 Interest Revenue=4904.36-4898 6.36

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