Business, 14.05.2021 02:50, littlemoneyh
These transactions took place for Kingbird, Inc. 2016 May 1 Received a $3,000, 12-month, 6% 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.)
Requird:
a. Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31.
b. Record journal entries in the order presented in the problem.)
Answers: 3
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These transactions took place for Kingbird, Inc. 2016 May 1 Received a $3,000, 12-month, 6% note in...
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