These transactions took place for Renda Co. 2011 May 1 Received a $5,000, 1-year, 6% note in
Question:
2011
May 1 Received a $5,000, 1-year, 6% note in exchange for an outstanding account receivable from S. Dorsey.
Dec. 31 Accrued interest revenue on the S. Dorsey note.
2012
May 1 Received principal plus interest on the S. Dorsey note. (No interest has been accrued since December 31, 2011.)
Instructions
Record the transactions in the general journal.
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2011 May 1 Notes Receivable ...View the full answer
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Related Book For 
Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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