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Transactions for Sandwich Co.

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Record the following transactions for Sandwich Co. in the general journal.

2005
May 1 Received an $8,700, 1-year, 10% note in exchange for Linda Anderson's outstanding accounts receivable.
Dec. 31 Accrued interest on the Anderson note.
Dec. 31 Closed the interest revenue account.

2006
May 1 Received principal plus interest on the Anderson note. (No interest has been accrued in 2006).

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Journalize entries -

Record the following transactions for Sandwich Co. in the general journal.

2005
May 1 Received an $8,700, 1-year, 10% note in exchange for Linda Anderson's outstanding ...

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This solution is comprised of a detailed explanation to record the following transactions for Sandwich Co. in the general journal.

$2.19