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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.) image text in transcribed

Date Account Titles and Explanation 2016 May 1 Debit Credit Dec. 31 2017 May 1

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