Record the following transactions for Concord Co. in the general journal. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) 2020 May 1 Received a $33,000, 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. 2021 May 1 Received principal plus interest on the Chamber note. (No interest has been accrued in 2021.) Date Account Titles and Explanation Debit Credit May 1, 2020Dec. 31, 2020May 1, 2021 May 1, 2020Dec. 31, 2020May 1, 2021 (To record accrued interest on note.) May 1, 2020Dec. 31, 2020May 1, 2021 (To close the interest revenue account.) May 1, 2020Dec. 31, 2020May 1, 2021
Record the following transactions for Concord Co. in the general journal. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) 2020 May 1 Received a $33,000, 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. 2021 May 1 Received principal plus interest on the Chamber note. (No interest has been accrued in 2021.) Date Account Titles and Explanation Debit Credit May 1, 2020Dec. 31, 2020May 1, 2021 May 1, 2020Dec. 31, 2020May 1, 2021 (To record accrued interest on note.) May 1, 2020Dec. 31, 2020May 1, 2021 (To close the interest revenue account.) May 1, 2020Dec. 31, 2020May 1, 2021
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Record the following transactions for Concord Co. in the general journal. (Record
| 2020 | |||
| May | 1 | Received a $33,000, 12 months, 10% note in exchange for Mark Chamber’s outstanding |
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| 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.) |
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May 1, 2020Dec. 31, 2020May 1, 2021
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May 1, 2020Dec. 31, 2020May 1, 2021
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May 1, 2020Dec. 31, 2020May 1, 2021
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May 1, 2020Dec. 31, 2020May 1, 2021
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