In$-$Class Question $6$

These transactions took place for Glavine Co$.$

$2021$

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.

$2022$

May $1$: Received principal plus interest on the S$.$ Rooney note. $($No interest has been accrued since December $31,2021).$

Instructions

Record the transactions in the general journal. The company does not make entries to accrue interest except at December $31.$