Record the following transactions for Sandwich, Co., in the general journal:
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2006 May 1 |
1 Received an $8,700, one year, 10 percent note in exchange for Linda Anderson’s outstanding accounts receivable. |
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Dec. 31 |
Accrued interest on the Anderson note. |
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Dec. 31 |
Closed the interest revenue account. |
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2007 May 1 |
Received principal plus interest on the Anderson note. (No interest has been accrued in 2009.)
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