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Record the transactions in the general journal

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Question - These transactions took place for Vaughn Manufacturing

2016

May 1 Received a $3,300, 12-month, 5% note in exchange for an outstanding account receivable from R. Stoney.

Dec. 31 Accrued interest revenue on the R. Stoney note.

2017

May 1 Received principal plus interest on the R. Stoney note. (No interest has been accrued since December 31, 2016.)

Required - Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31.

Reference no: EM132642483

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