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Akron Corporation engaged in the following transactions involving promissory notes in 19x1 and 19x2. Journalize these transactions in the journal provided. Explanations are not needed.
Akron Corporation engaged in the following transactions involving promissory notes in 19x1 and 19x2. Journalize these transactions in the journal provided. Explanations are not needed. Akron records adjusting entries monthly. 1 Sold land to Marge Bailey for $100,000. A 6-month, 9 percent note was received in exchange. 1 Received a 30-day, non-interest bearing note from Fred Hansen in settlement of his accounts receivable of $1,000. 1 Fred Hansen dishonored his note issued 30 days earlier. 31 Recorded accrued interest for December on the note received from Marge Bailey. 1 Received payment in full from Marge Bailey
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