Question: On December 31, 2017, Rexall Industries recorded an adjusting entry for $10,000 of accrued interest revenue. On January 15, 2018, the company received interest payments

On December 31, 2017, Rexall Industries recorded an adjusting entry for $10,000 of accrued interest revenue. On January 15, 2018, the company received interest payments in the amount of $22,000. Assuming Rexall Industries uses reversing entries, prepare the 2017 and 2018 journal entries for these interest transactions.

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