accounting

On March 1, Kraiss Company acoepled a 60 -ding, 6\%, 5,300 note receivable from J. Summers in exchange for his account receivatle. Peas the tequitements Requirement 1. Joumalize the transaction on Mach 1. (Recosd debils fist, then credits Select the explanati Requirements 1. Joumatre the transaction on March 1 2. Joumalze the adiusing entry needed on March 31 io accrue interest revenue. Round to the nearest dolar 3. Jeumalive the collection of the perncipal and intereat at manirity Specly the date. Aound to the nearest dollar