Exercise 8-11

Record the following transactions for Redeker Co. in the general journal. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

2017

May 1 Received a $27,450, 12 months, 8% note in exchange for Mark Chambers outstanding accounts receivable.

Dec. 31 Accrued interest on the Chamber note.

Dec. 31 Closed the interest revenue account.

2018

May 1 Received principal plus interest on the Chamber note. (No interest has been accrued in 2018.)

Date	Account Titles and Explanation	Debit	Credit
May 1, 2017Dec. 31, 2017May 1, 2018
May 1, 2017Dec. 31, 2017May 1, 2018
	(To record accrued interest on note.)
May 1, 2017Dec. 31, 2017May 1, 2018
	(To close the interest revenue account.)
May 1, 2017Dec. 31, 2017May 1, 2018