Record the following transactions for Redeker Group in the general journal. 2020 May 1 Received a...

Record the following transactions for Redeker Group in the general journal.

2020
May 1	Received a €9,000, 12‐month, 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.)

instructions

1. provide the 1 May 2021 journal entry

2. provide the journal entry under this “what if” scenario: What if the note was dishonoured on 1 May and that collection is not expected in the future? Assume the Allowance method is used by Redeker Group.

3. prepare journal entries for notes recievables

Solutions

Expert Solution

Solution:

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ekkarill92 answered 1 year ago

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