These transactions took place for Cullumber Co. 2024 May 1 Received a $3,300, 12-month, 4% note in exchange for an outstanding account receivable from R. Stoney. Dec. 31 Accrued interest revenue on the R. Stoney note. 2025 May 1 Received principal plus interest on the R. Stoney note. (No interest has been accrued since December 31, 2024.) Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
These transactions took place for Cullumber Co. 2024 May 1 Received a $3,300, 12-month, 4% note in exchange for an outstanding account receivable from R. Stoney. Dec. 31 Accrued interest revenue on the R. Stoney note. 2025 May 1 Received principal plus interest on the R. Stoney note. (No interest has been accrued since December 31, 2024.) Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...
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These transactions took place for Cullumber Co.
2024
May
1
Dec. 31
2025
Received a $3,300, 12-month, 4% note in exchange for an outstanding account receivable from R. Stoney.
Accrued interest revenue on the R. Stoney note.
May
1
Received principal plus interest on the R. Stoney note. (No interest has been accrued since December 31, 2024.)
Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31. (List all
debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record
journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Date
Account Titles and Explanation
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F98a95248-6313-4124-8c48-8cf374831d55%2F2c64d12c-16a3-483a-bf7a-1dd5105a834c%2Fasf8az_processed.png&w=3840&q=75)
Transcribed Image Text:Current Attempt in Progress
These transactions took place for Cullumber Co.
2024
May
1
Dec. 31
2025
Received a $3,300, 12-month, 4% note in exchange for an outstanding account receivable from R. Stoney.
Accrued interest revenue on the R. Stoney note.
May
1
Received principal plus interest on the R. Stoney note. (No interest has been accrued since December 31, 2024.)
Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31. (List all
debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record
journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
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