These transactions took place for Bramson Co. 2016 May 1 Received a $5,000, 12-month, 6% note in
Question:
2016
May 1 Received a $5,000, 12-month, 6% note in exchange for an outstanding account receivable from R. Stoney.
Dec. 31 Accrued interest revenue on the R. Stoney note.
2017
May 1 Received principal plus interest on the R. Stoney note. (No interest has been accrued since December 31, 2016.)
Instructions
Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31.
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2016 May 1 Notes Receivable 5000 Accounts ReceivableR Stoney 5000 Dec 3...View the full answer
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Related Book For 
Accounting Tools for Business Decision Making
ISBN: 978-1118096895
6th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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