Question
Record the following transactions for Redeker Co. in the general journal. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Record the following transactions for Redeker Co. in the general journal. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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.) |
DATE | Accounts/Titles and explanations | DEBIT | CREDIT |
May 1st, 2015 |
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Dec 31st, 2015 |
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(to record accured interst on note) |
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Dec 31st, 2015 |
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(to close the interest revenue account) |
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May 1st, 2016 |
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