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    Recording Accounting Transactions

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    4. Record the following transactions for Greg's company in the general journal.

    1-May Received a $10,500, 1-year, 8% note in exchange for Linda Anderson's outstanding accounts receivable.
    31-Dec Accrued interest on the Anderson Note.
    31-Dec Closed the interest revenue account.

    1-May Received principal plus interest on the Anderson note. (No interest has been acccrued in 2008.)

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    May 1 2007: To record transfer of note
    Debit: Note Receivable $10,500
    Credit: Linda Anderson's outstanding A/R $10,500

    Dec 31 2007: To record accrued ...