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Record the transactions for western co in general journal

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Reference no: EM132593010

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

2019

May 1 Received a $ 7,500,1-year,10%note in exchange for Andy Richter's outstanding accounts recevable

Dec 31 Accrued interest on the Richter note

Dec 31 Closed the interest revenue account

2020

May 1 Received principal plus interest on the Richter nole(No interest has been accrued in 2019)

Reference no: EM132593010

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