These transactions took place for Oriole Company. 2021 May 1 Received a $8,400, 12-months, 12% note in exchange for an outstanding account receivable from R. Stoney. Dec. 31 Accrued interest revenue on the R. Stoney note. 2022 May 1 Received principal plus interest on the R. Stoney 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.
These transactions took place for Oriole Company. 2021 May 1 Received a $8,400, 12-months, 12% note in exchange for an outstanding account receivable from R. Stoney. Dec. 31 Accrued interest revenue on the R. Stoney note. 2022 May 1 Received principal plus interest on the R. Stoney 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
These transactions took place for Oriole Company.
| 2021 | |||
|
May
|
1
|
Received a $8,400, 12-months, 12% note in exchange for an outstanding |
|
|
Dec.
|
31
|
Accrued interest revenue on the R. Stoney note. | |
| 2022 | |||
|
May
|
1
|
Received principal plus interest on the R. Stoney 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record
Transcribed Image Text:These transactions took place for Oriole Company.
2021
May
1
Received a $8,400, 12-months, 12% note in exchange for an outstanding account receivable from R. Stoney.
Dec.
31
Accrued interest revenue on the R. Stoney note.
2022
May
Received principal plus interest on the R. Stoney 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. (Credit
account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in
the problem.)
Date
Account Titles and Explanation
Debit
Credit
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