These transactions took place for Kingbird, Inc. 2016 May 1 Received a $3,000, 12-month, 6% 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.)

Requird:
a. Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31.
b. Record journal entries in the order presented in the problem.)

Answer:Please see Explanation column for answers

Explanation:

The journal entry To record note received for accounts receivable.

Date                Account Title $ Explanation        Debit ($)         Credit ($)  

May 1, 2016    Note receivable                                3,000

                   Accounts receivable - R. Stoney                             3,000

The journal entry To record Interest accrued                                

Date                Account Title $ Explanation        Debit ($)         Credit ($)  

Dec 31, 2016  Interest receivable                         120

                      Interest revenue                                                      120

Calculation:

Interest receivable = Note amount x Interest rate  x (Number of months from May 1, 2016 to December 31, 2016 / Number of months in a year)

= $3,000  x 6%  x (8 / 12) = $120                                                  

The journal entry To record principal plus interest on the R. Stoney note.

Date                Account Title $ Explanation        Debit ($)         Credit ($)  

May 1, 2017   Cash                                                   3,180

                      Note receivable                                                    3,000

                      Interest receivable                                                  120

                      Interest revenue                                                         60

Calculation:

Interest revenue = Principal x  Interest rate x  (Number of months from January 1, 2017 to April 30, 2017 / Number of months in a year)

= $3,000  x 6% x  (4 / 12) = $60

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