Record the following transactions for Redeker Co. in the general journal.

2020

May 1	Received a $9,000, 12-month 10% 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

Solution

Redeker Co..
Journal Entries

Problems: Accounting for Receivables

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Problem-5: Accounting for Receivables

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Problem-6: Accounting for Receivables

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Problem-7: Accounting for Receivables

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Problem-8: Accounting for Receivables

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Problem-9: Accounting for Receivables

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Problem-10: Accounting for Receivables

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Problem-11: Accounting for Receivables

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Problem-12: Accounting for Receivables

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Problem-13: Accounting for Receivables

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Problem-14: Accounting for Receivables

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Problem-15: Accounting for Receivables

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Problem-16: Accounting for Receivables

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Problem-17: Accounting for Receivables

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Problem-18: Accounting for Receivables

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Problem-19: Accounting for Receivables

Record the following transactions for Redeker Co. in the general journal. 2020 May 1Received a $9,000, 12-month 10% note in exchange for Mark Chamber's outstanding accounts receivable. Dec. 31Accrued interest...

Problem-20: Accounting for Receivables

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Problem-21: Accounting for Receivables

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Problem-22: Accounting for Receivables

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Accounting for Receivables

Problem-19: Accounting for Receivables

Solution

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