Write entries in general journal form to record the following transactions for Ballard Company, whose fiscal year ends on December 31:
Year 1
Dec. 3 Ballard Company received from RJB Services an $ 8,500, 120-day, 6.5 percent note, dated December 3, as an extension of a charge account.
31 The adjusting entry for accrued interest.
31 The closing entry (for practice), assuming that all other closing entries were made.
Year 2
Jan. 1 The reversing entry.
Apr. 2 Receipt of the principal and interest at maturity.