Record the following transactions for Taylor Co. in the general journal. 2014 May 1 Received a $7,500,

Question:

Record the following transactions for Taylor Co. in the general journal.
2014
May 1 Received a $7,500, 1-year, 9% note in exchange for Len Monroe's outstanding accounts receivable.
Dec. 31 Accrued interest on the Monroe note.
Dec. 31 Closed the interest revenue account.
2015
May 1 Received principal plus interest on the Monroe note. (No interest has been accrued in 2015.)