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This grade has been saved to Gradebook. Your answer has been saved and sent for grading. See Gradebook for score details. Record the following transactions for Redeker Co. in the general journal. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) 2017 May 1 Received a $8,850, 12 months, 8% note in exchange for Mark Chamber’s outstanding accounts receivable. Dec. 31 Accrued interest on the Chamber note. Dec. 31 Closed the interest revenue account. 2018 May 1 Received principal plus interest on the Chamber note. (No interest has been accrued in 2018.) Date Account Titles and Explanation Debit Credit Notes Receivable 8850 Accounts Receivable 8850 Interest Receivable 472 Interest Revenue 472 (To record accrued interest on note.) Interest Revenue 472 Income Summary 472 (To close the interest revenue account.) Cash 9558 Notes Receivable 8850 Interest Receivable 472 Interest Revenue 236

Explanation / Answer

May-01 Notes Receivable 8850         Accounts Receivable 8850 Dec-31 Interest Receivable 472 =8850*8%/12*8         Interest Revenue 472 Dec-31 Interest Revenue 472          Income Summary 472 May-01 Cash 9558         Interest Receivable 472         Interest Revenue 236 =8850*8%/12*4         Notes Receivable 8850

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