Record the following transactions for Taylor Co. in the general journal. 2014 May 1 Received a $7,500,
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2014
May 1 Received a $7,500, 1-year, 9% note in exchange for Len Monroe's outstanding accounts receivable.
Dec. 31 Accrued interest on the Monroe note.
Dec. 31 Closed the interest revenue account.
2015
May 1 Received principal plus interest on the Monroe note. (No interest has been accrued in 2015.)
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2014 May 1 Notes Receivable 7500 Accounts Receivable Monroe 75...View the full answer
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Related Book For
Financial and managerial accounting
ISBN: 978-1118016114
1st edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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