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Record the following transactions for Marigold Corp. in the general journal. 2020 May1Received a $7,950,12-months,12% note in exchange for Mark Chamber's outstanding accounts receivable. Dec.31Accrued

Record the following transactions for Marigold Corp. in the general journal.

2020

May1Received a $7,950,12-months,12% note in exchange for Mark Chamber's outstanding accounts receivable.

Dec.31Accrued interest on the Chamber note.

Dec.31Closed the interest revenue account.

2021 --May1Received principal plus interest on the Chamber note. (No interest has been accrued in 2021.)

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