These transactions took place for Vaughn Co$.$

$2021$

May $1$ Received a $$32,400,12$ months, $12\%$ note in exchange for an outstanding accounts receivable from Mark Chamber.

Dec. $31$ Accrued interest revenue on the Chamber note.

Dec. $31$ Closed the interest revenue account.

$2022$

May $1$ Received principal plus interest on the Chamber 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 $31.($Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

$($To record accrued interest on note.$)$