2015 may 1 received a 9000 12 months 10 note in exchange, Ask an Expert

Accounting

2015 May 1 Received a $9,000, 12 months, 10% note in exchange for Mark Chambers outstanding accounts receivable.

Dec. 31 Accrued interest on the Chamber note.

Dec. 31 Closed the interest revenue account.

2016 May 1 Received principal plus interest on the Chamber note. (No interest has been accrued in 2016.)

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9967989

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