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These transactions took place for Blossom Company 2016 May 1 Received a S 4.300, 12-month, 9% 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) Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31(Credit account titles are automatically indented when amount is entered. Do not indent manually, Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit 4,300 May 1.2016 Notes Receivable Accounts Receivable 4,300 Dec. 31, 2016 | Interest Receivable 258 Interest Revenue 258 4,689 May 1, 2017 Cash Notes Receivable 4,300 Interest Receivable 129
ecord the transactions in the general journal. The company does not make entries to accrue interest except at December 31(Credit account tith tomatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit May 1,2016 Notes Receivable 4,300 Accounts Receivable 4,300 Dec. 31, 2016 Interest Receivable 258 Interest Revenue 258 May 1, 2017 # | | Cash 4,689 Notes Receivable 4,300 Interest Receivable 129 Interest Revenue 258
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Date Particulars Debit Credit 01-May-16 Note Receivables A/c Dr $4,300 To Accounts Receivables A/c $ 4,300 (Being Note received from the debtor) (Explination Increase in Note Receivables (Asset) Decrease in Accounts receivables (Asset) 31-Dec-16 Interest receivables A/c Dr $258 (4300*990*8/12) To Interest A/c $258 (Being Interest receivable on dec 31) (Explination Increase in Interest Receivables(Asset) Interest is an Income so it is credited) Interest for 8 months related to 2016) 01-May-17 Cash A/c Dr 4,687 :4300*9%*12/12) To Notes Receivable A/c To Interest receivables A/c To Interest revenue A/c $ 4,300 $258 $129 -(4300*9%*12/12)-(4300*9%*8/12) (387 - 258) (Being Notes receivables realised along with the interest) (Explination -Increase in Cash (Asset), Decrease in Notes Receivables (Asset) Decrease in Interest Receivables (Asset), interest Revenue (Income)

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