Question: Solution please Exercise 240 These transaction took place for Sanders Co. 2013 May 1 Received a $15,000, 1-year, 9% note in exchange for an outstanding

Solution please Solution please Exercise 240 These transaction took place for Sanders Co. 2013

Exercise 240 These transaction took place for Sanders Co. 2013 May 1 Received a $15,000, 1-year, 9% note in exchange for an outstanding account receivable from r. Foley. Dec. 31 Accrued interest revenue on the T. Foley note. 2014 May 1 Received principal plus nterest on the T. Foley note. (No interest has been accrued since December 31, 2013, Record the transactions in general journal. (Credit account titles are automatically indented when the amount is entered Date Account Titles and Explanation Credit 2013 May 1 Dec. 31 2014 May 1

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