Practice Exercise 02

Record the following transactions for Windsor, Inc. 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
May	1		Received a $30,000, 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.
2021
May	1		Received principal plus interest on the Chamber note. (No interest has been accrued in 2021.)