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I don't know if those inputs are correct. Please fill in and feel free to change. Practice Exercise 02 Record the following transactions for Swifty
I don't know if those inputs are correct. Please fill in and feel free to change.
Practice Exercise 02 Record the following transactions for Swifty Corporation 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.) 2020 1 31 May Dec. Dec. 2021 May Received a $32,550, 12-months, 8% note in exchange for Mark Chamber's outstanding accounts receivable. Accrued interest on the Chamber note. Closed the interest revenue account. 31 Received principal plus interest on the Chamber note. (No interest has been accrued in 2021.) Date Account Titles and Explanation Debit Credit May 1, 2020 Notes Receivable 32550 Accounts Receivable 32550 Dec. 31, 2020 Interest Receivable Interest Revenue (To record accrued interest on note.) Dec. 31, 2020 Interest Revenue Income Summary (To close the interest revenue account.) May 1, 2021 Cash Notes Receivable Interest Receivable Interest RevenueStep by Step Solution
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