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

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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.

Accrued interest on the Monroe note.

May 1 _ Received principal plus interest on the Monroe note. (No interest has been accrued in 2015.)

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