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Please record the following account 2015 May 1 Received a $9,000, 12 months, 10% note in exchange for Mark Chambers outstanding accounts receivable. Dec. 31

Please record the following account

2015 May 1 Received a $9,000, 12 months, 10% note in exchange for Mark Chambers outstanding accounts receivable.

Dec. 31 Accrued interest on the Chamber note.

Dec. 31 Closed the interest revenue account.

2016 May 1 Received principal plus interest on the Chamber note. (No interest has been accrued in 2016.)

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