On December 31, 2014, Rexall Industries recorded an adjusting entry for $10,000 of accrued interest revenue. On

Question:

On December 31, 2014, Rexall Industries recorded an adjusting entry for $10,000 of accrued interest revenue. On January 15, 2015, the company received interest payments in the amount of $22,000. Assuming Rexall Industries uses reversing entries, prepare the 2014 and 2015 journal entries for these interest transactions.