Question

These transactions took place for Glavine Co.
2013
May 1 Received a $5,000, 12-month, 6% note in exchange for an outstanding
account receivable from S. Rooney.
Dec. 31 Accrued interest revenue on the S. Rooney note.
2014
May 1 Received principal plus interest on the S. Rooney note. (No interest has
been accrued since December 31, 2013.)
Instructions
Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31.



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  • CreatedApril 07, 2014
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