Record the following transactions for Redeker Co. in the general journal. (Recor
ID: 2336251 • Letter: R
Question
Record the following transactions for Redeker Co. in the general journal. (Record Sournal FULL SCREEN PRINTER VERSION 4BAC automatically indented when amount is entered. Do not indent manually.) 2017 May 1 Received a $25,950, 12 months, 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 2018 May 1 Received principal plus interest on the Chamber note. (No interest has been accrued in 2018.) entries in the order presented in the problem. Credit account titles are Date Account Titles and Explanation Debit Credit May 1, 2017Notes Receivable Accounts Receivable 25950 Dec. 31, 2017 Interest Recelvable 3114 Interest Revenue 31140 (To record accrued interest on note.) Dec. 31, 2017Interest Revenue 31140 Income Summany 3114Explanation / Answer
Answer:
Date
Accounting title and explanation
Debit $
Credit $
May 1,2017
Notes receivable
25950
Account Receivables
25950
Dec 31,2017
Interest Receivables (25950*10%*8/12)
1730
Interest Revenue
1730
(To record the accrued interest on note)
Dec 31,2017
Interest Revenue
1730
Income Summary
1730
( To close the interest revenue account )
May 1,2018
Cash
28545
Notes receivable
25950
Interest Receivables
1730
Interest Revenue (25950*10%*4/12)
865
Date
Accounting title and explanation
Debit $
Credit $
May 1,2017
Notes receivable
25950
Account Receivables
25950
Dec 31,2017
Interest Receivables (25950*10%*8/12)
1730
Interest Revenue
1730
(To record the accrued interest on note)
Dec 31,2017
Interest Revenue
1730
Income Summary
1730
( To close the interest revenue account )
May 1,2018
Cash
28545
Notes receivable
25950
Interest Receivables
1730
Interest Revenue (25950*10%*4/12)
865
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