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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

Dec 31st, 2015

(to record accured interst on note)

Dec 31st, 2015

(to close the interest revenue account)

May 1st, 2016

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