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Record Crown Point transactions in the general journal

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Reference no: EM132765474

Question - 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 1 Received 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. 1 Loaned $61,200 cash to B. Younger on a 4-month, 8% note. Interest is due at the end of each month.

Nov. 30 Received the interest due from B. Younger.Dec.

Nov. 31 Received the interest due from B. Younger.

Dec. 31 Accrued interest income on notes receivable.

2022

Jan. 31 Received the interest due from B. Younger. Younger also repaid 80% of the principal balance owing on the note at this time.

Feb. 28 Wrote 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 1 Received principal plus interest on the S. Dolan note. (No further interest has been accrued since December 31, 2021.)

Required - Record Crown Point's transactions in the general journal.

Reference no: EM132765474

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