Record the following transactions for Redeker Co. in the general journal. 2020 May 1 Received a $9,000,
Question:
Record the following transactions for Redeker Co. in the general journal.
2020
May 1 Received a $9,000, 12-month, 6% note in exchange for Mark Chamber's outstanding accounts receivable.
Dec. 31 Accrued interest on the Chamber note.
Dec. 31 Closed the interest revenue account.
2021
May 1 Received principal plus interest on the Chamber note. (No interest has been accrued in 2020.)
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2020 May 1 Notes Receivable 9000 Accounts Receivable 9000 Dec 31 ...View the full answer
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Related Book For 
Financial and Managerial Accounting
ISBN: 978-1119392132
3rd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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