Record the following transaction for Taylor Co. in the general journal.

2014

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May 1 Recieved a $7,500, 1 year, 9% note in exchange for Len Monroe's outstanding accounts receiveable.

Dec 31 Accrued interest on the Monroe note.

Dec 31 Closed the interest revenue account

2015

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May 1 Recieved principal plus interest on the monroe note. (no interest has been accrued in 2015)

There should be 4 entries.