Accounting for Receivables

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 on the Chamber note.
Dec. 31Closed the interest revenue account.

2021

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

Solution

Redeker Co..
Journal Entries

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