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Record the transactions for pina co in the general journal

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Question 1: Record the following transactions for Pina Co. in the general journal.

(Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

2020

May 1. Received a $39,900, 12 months, 10% note in exchange for Mark Chamber's outstanding accounts receivable.

Dec. 31 Accrued interest on the Chamber note.

Dec. 31 Closed the interest revenue account.

2021

May 1 Received principal plus interest on the Chamber note. (No interest has been accrued in 2021)

Reference no: EM132689570

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