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E8-11 Record the following transactions for Taylor Co. in the general journal. 2017 May Received a 7,500, 12-month, 8% note in exchange for Len Monroe's

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E8-11 Record the following transactions for Taylor Co. in the general journal. 2017 May Received a 7,500, 12-month, 8% 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. 2018 May 1 Received principal plus interest on the Monroe note. (No interest has been accrued in 2018.)

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