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How do record crown point transactions in general journal

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Reference no: EM132761359

The following transactions have taken place for Crown Point Corporation. The company has a December 31 fiscal year end and Crown Point does not maintain a separate Allowance for Doubtful Notes Receivable account.

2021

  • May 1Received a $6,000, 1-year, 8% note in exchange for an outstanding account receivable from S. Dolan. Interest is due at the maturity of the note.
  • Nov. 1Loaned $61,200 cash to B. Younger on a 4-month, 8% note. Interest is due at the end of each month.
  • Nov. 30Received the interest due from B. Younger.
  • Dec. 31Received the interest due from B. Younger.Dec. 31Accrued interest income on notes receivable.

2022

  • Jan. 31Received the interest due from B. Younger. Younger also repaid 80% of the principal balance owing on the note at this time.
  • Feb. 28Wrote off the balance of the B. Younger note as Younger has defaulted. Future payments are not expected. The interest due for the month of February was not collected.
  • May 1Received principal plus interest on the S. Dolan note. (No further interest has been accrued since December 31, 2021.)

Problem 1: Record Crown Point's transactions in the general journal.

Reference no: EM132761359

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