Accounting for Receivables

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


May 1Received a $9,000, 12-month 10% note in exchange for Mark Chamber's outstanding accounts receivable.
Dec. 31Accrued interest on the Chamber note.
Dec. 31Closed the interest revenue account.


May 1Received principal plus interest on the Chamber note.(no interest has been accrued in 2021


Redeker Co..
Journal Entries
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