Do not give answer in image formate These transactions took place for Kingbird Co.2021May 1 Received a $26,250, 12 months, 8% note in exchange for an outstanding accounts receivable from Mark Chamber.Dec. 31 Accrued interest revenue on the Chamber note.Closed the interest revenue account.Dec. 312022May 1 Received principal plus interest on the Chamber note. (No interest has been accrued since December 31, 2021.)Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do notindent manually.)DateMay 1, 2021Dec. 31, 2021Dec. 31, 2021Account Titles and ExplanationNotes ReceivableAccounts ReceivableInterest ReceivableInterest Revenue(To record accrued interest on note.)Interest RevenueDebit26,250.001,400.001,400.00Credit26,250.001,400.00 DateMay 1, 2021Dec. 31, 2021Dec. 31, 2021May 1, 2022VAccount Titles and ExplanationNotes ReceivableAccounts ReceivableInterest ReceivableInterest Revenue(To record accrued interest on note.)Interest RevenueIncome Summary(To close the interest revenue account.)CashInterest ReceivableInterest RevenueNotes ReceivableDebit26,250.001,400.001,400.00Credit26.250.001,400.001,400.001,400.0026,250.00

Note receivable are current asset of the business as are to be realised within an accounting year.…

These transactions took place for Kingbird Co. 2021 May 1 Received a $26,250, 12 months, 8% note in exchange for an outstanding accounts receivable from Mark Chamber. Dec. 31 Accrued interest revenue on the Chamber note. Dec. 31 Closed the interest revenue account. 2022 May 1 Received principal plus interest on the Chamber note. (No interest has been accrued since December 31, 2021.) Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

These transactions took place for Kingbird Co. 2021 May 1 Received a $26,250, 12 months, 8% note in exchange for an outstanding accounts receivable from Mark Chamber. Dec. 31 Accrued interest revenue on the Chamber note. Dec. 31 Closed the interest revenue account. 2022 May 1 Received principal plus interest on the Chamber note. (No interest has been accrued since December 31, 2021.) Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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