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These transactions took place for Sheridan Company 2021 May 1 Received a $4,500, 12-month, 6% note in exchange for an outstanding account receivable from R.
These transactions took place for Sheridan Company
2021 | |||
May | 1 | Received a $4,500, 12-month, 6% note in exchange for an outstanding account receivable from R. Stoney. | |
Dec. | 31 | Accrued interest revenue on the R. Stoney note. | |
2022 | |||
May | 1 | Received principal plus interest on the R. Stoney note. (No interest has been accrued since December 31, 2021.) |
Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31
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