RECORD GOLDEN'S TRANSACTIONS IN RHE GENERAL JOURNAL

Current Attempt in Progress These transactions took place for Golden Corporation which has a December 31 fiscal year end. Golden does not maintain a separate Allowance for Doubtful Notes Receivable account. Nov. 30 Dec. 31 2017 May 1 Received a $7,200, 1-year, 10% note in exchange for an outstanding account receivable from S. Dolan. Interest is due at the maturity of the note. Nov. 1 Loaned $68,400 cash to B. Younger on a 4 month, 7% note. Interest is due at the end of each month. Received the interest due from B. Younger. Received the interest due from B. Younger. Dec 31 Accrued interest revenue on notes receivable. 2018 Jan. 31 Received the interest due from B. Younger. Younger also repaid 80% of the principal balance owing on the note at this time. Feb. 28 Wrote off the balance of the B. Younger note as Younger has defaulted. Future payments are not expected. The interest due for the month of February was not collected. May 1 Received principal plus interest on the S. Dolan note. (No further interest has been accrued since December 31, 2017.) Date Account Titles and Explanation Debit May 1/17 Nov. 1/17 Nov. 30/17 Dec. 31/17 Jan. 31/18 Feb. 28/18 May 1/18 (To record interest revenue) (To record accrued interest revenue) Account Titles and Explanation Debit Credit (To record interest revenue) (To record accrued interest revenue) (To record interest revenue) (To record accrued interest revenue)