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These transaction took place for Sanders Co. 2016 May 1 Received a $15,000, 1-year, 9% note in exchange for an outstanding account receivable from T.
These transaction took place for Sanders Co.
2016 | |||
May | 1 | Received a $15,000, 1-year, 9% note in exchange for an outstanding account receivable from T. Foley. | |
Dec. | 31 | Accrued interest revenue on the T. Foley note. | |
2017 | |||
May | 1 | Received principal plus interest on the T. Foley note. (No interest has been accrued since December 31, 2016.) |
Record the transactions in general journal. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Date Account Titles and Explanation 2016 May 1 Debit Credit Dec. 31 2017 May 1Step by Step Solution
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