Record the following transactions for Sandwich, Co., in the gereral journal:
2006
May 1 Received an $8,700, one-year, 10 percent note in exchange for Linda Anderson’s outstanding accounts receivable.
Dec. 31 Accrued interest on the Anderson note.
Dec. 31 Closed the interest revenue account.
2007
May 1 Received principal plus interest on the Anderson note. (No interest has been accrued in 2009.)