Kimmel, Accounting, 6e Help l CALCULATOR PRINTER VERSION Exercise 8-11 These tra

Question

Kimmel, Accounting, 6e Help l CALCULATOR PRINTER VERSION Exercise 8-11 These transactions took place for Skysong, Inc. 2016 May 1 Received a S3.300, 12-month, 7% note in exchange for an outstanding account receivable from R Stoney. Dec. 31 Accrued interest revenue on the R. Stoney note. 2017 May 1 Received principal plus interest on the R. Stoney note. (No interest has been accrued since December 31, 2016.) Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31 are automatically indented when amount is entered. Do not indent manually, Record journal en entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work

Explanation / Answer

2016 Particulars Dr Cr 1-May Note from R.stoney A/c ---------dr 3300       To Accounts recievable from R.Stoney 3300 (Being exchange of assets) 31-Dec Accrued Interest on Note ….Dr ( asset) 154 To Accrued interest recievable (revenue) 154 (Interest accrued for 8 months @7%) 2017 1-May Accrued Interest on Note ….Dr ( asset) 77 To Accrued interest recievable (revenue) 77 (Interest accrued for 4 months @7%) 1-May Cash A/c …………Dr 3531    to Accrued Interedt on Note 231    To note from R.stoney 3300 ( Being money received along with accrued interest )

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