thinkwell | student area X Q econ chapter 2 Flashcards | x C Employee Website | Costco x W AW-Ch08 X WAS Assessment Player Too x * Course Hero assessment.education.wiley.com/was-assessment-player/products/2068fb76-416c-4861-addd-ffe7de7155cb/assessments/231bbe47-1d1f-4156-838b-6d15d4cadc3a/question.. G + Question 17 --/3 View Policies Current Attempt in Progress Record the following transactions for Novak Corp. in the general journal. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) 2020 May 1 Received a $40,950, 12-months, 12% 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 2021.) Date Account Titles and Explanation Debit Credit (To record accrued interest on note.)1' WAS Assessment Player T sessmem'educalionnmleyxom Credit 1 v [To record accrued interest on note.) 0 (To close the interest revenue account) 0- eTextbuuk and Media List of Accounts Save far Later Attempts: unlimited Submit