Lightly sand the surface of the object you will be painting, smoothing away any rough patches and removing any peeling or cracked paint.
Using a rag dipped in mineral spirits, wipe down the wood to remove dust, dirt and oil particles. Do this several times to ensure that the wood is completely clear of debris. Then mix 50 percent water with 50 percent ammonia in a bucket, and use as a rinse to wipe down the wood a final time. Let dry.
Apply a shellac-based combination primer and sealant to the wood. Roll it on for a smooth, consistent coverage. Although most manufacturers' directions state that only one coat is needed to seal pine knots, for best results, apply two coats of primer. Make sure you allow at least an hour of drying time between coats.
After the primer/sealant has dried, roll on the latex paint. Depending on the color chosen, you may need to apply two to three coats to get the best coverage.
For most projects, after all the coats of paint are completely dry, your project is done. For furniture that may be subject to wear and tear, you may want to apply a polyurethane finish for protection.