These transactions took place for Renda Co.
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2011 |
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May, 1 |
Received a $5,000, 1-year, 6% note in exchange for an outstanding account receivable from S. Dorsey. |
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Dec., 31 |
Accrued interest revenue on the S. Dorsey note. |
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2012 |
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May, 1 |
Received principal plus interest on the S. Dorsey note. (No interest has been accrued since December 31, 2011.) |
Instructions
Record the transactions in the general journal.