Exercise 240 These transaction took place for Sanders Co. 2016 May 1 Received a $15,000, 1-year, 9% note in exchange for an outstanding account receivable from T. Foley. Dec. 31 Accrued interest revenue on the T. Foley note. 2017 May 1 Received principal plus interest on the T. Foley note. (No interest has been accrued since December 31, 2016.) Record the transaction in general journal.
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