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These transactions took place for Novak Corp. May 1 Received a $5, 500, 12-month, 9% note in exchange for an outstanding account receivable from R.

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These transactions took place for Novak Corp. May 1 Received a $5, 500, 12-month, 9% note in exchange for an outstanding account receivable from R. Stoney. Dec. 31 Accrued interest revenue on the R. Stoney note. May 1 Received principal plus interest on the R. Stoney note. (No interest has been accrued since December 31, 2016.) Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31

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