Record the following transactions for Conando Co. in the general journal.
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2012 |
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May |
1 |
Received a $7,500, 1 year, 10% note in exchange for Andy Richter’s |
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outstanding accounts receivable. |
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Dec. |
31 |
Accrued interest on the Richter note. |
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2013 |
Closed the interest revenue account. |
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May |
1 |
Received principal plus interest on the Richter note. (No interest has been accrued in 2013.) |