Record the following transactions in the general journal e O

Record the following transactions in the general journal.

e On May 31, 2014 Terre! xtMInbox 16900) . fiayvom , Exercise 93 Part Le el- x,dvvaeyPLUS × /edugen.w ugen/student/mainfr.uni Weygandt, Accounting Principles, 12e Assignment Gradebook ORION Downloadable eTextbook nt Exercise 9-11 Record the following transactions for Redeker Co. in the general journal. (Record journal entries in the order presented 2017 May Dec. 31 Accrued interest on the Chamber note Dec. 31 Closed the interest reverue account. 2018 1 1 Received a $40,950, 12 months, 12% note in exchange for Mark Chamber\'s outstanding accounts receivable. May 1 Received principal plus interest on the Chamber note. (No interest has been accrued in 2018.) Date Account Titles and Explanation Debit Credit (To record accrved interest on note.) (To close the interest revenue account.)

Solution

Date Account titles & Explanations Debit Credit 1-May Note receivable 40,950 Account receivable-Mark chamber 40,950 31-Dec interest receviable 3276 interest income 3,276 (40950*12%*8/12) 31-Dec interest income 3,276 income summary /retained earnings 3,276 2018 1-May cash 45,864 interest receivable 3,276 interest income (40950*12%*4/12) 1638 note receivable 40,950