These transactions took place for Bramson Co. 2021 May 1 Received a $5,000, 12-month, 6% note in
Question:
These transactions took place for Bramson Co.
2021
May 1 Received a $5,000, 12-month, 6% note in exchange for an outstanding account receivable from R. Stoney.
Dec. 31 Accrued interest revenue on the R. Stoney note.
2022
May 1 Received principal plus interest on the R. Stoney note.
Instructions
Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31.
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Related Book For 
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119493631
9th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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