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.)
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 ...