Record the transactions in the general Journal of Martin Tool Company. Problem 1 Martin closes its books on December 31 2021 May 1 Martin Tool Company received a $14,000, 12-month 12% note receivable in exchange for an outstanding account from John Glenn. Dec. 31 Accrued interest revenue on the note ford th Dec. 31, 2021) 8 months (May 1- 2022 May 1 Received principal plus interest on the John Glenn note. (No interest revenue has been recorded for the 4 months (January 1- Mayl,2022) May 1. 2021.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Problem 1
Kecord the transactions in the general Journal of Martin Tool Company.
Martin closes its books on December 31
2021
Martin Tool Company received a $14,000, 12-month 12% note
receivable in exchange for an outstanding account from John
Glenn.
May 1
Dec.
31
Accrued interest revenue on the note fort the 8 months (May 1-
Dec. 31, 2021)
2022
May 1
Received principal plus interest on the John Glenn note. (No
interest revenue has been recorded for the 4 months (January 1-
Mayl, 2022)
Мay 1. 2021.
6, Jets Company re
et the
20 of the erchand
ed
$47,000.
Dec. 31. 2021.
May 1. 2022
Company recei
ceived the alce
Transcribed Image Text:Problem 1 Kecord the transactions in the general Journal of Martin Tool Company. Martin closes its books on December 31 2021 Martin Tool Company received a $14,000, 12-month 12% note receivable in exchange for an outstanding account from John Glenn. May 1 Dec. 31 Accrued interest revenue on the note fort the 8 months (May 1- Dec. 31, 2021) 2022 May 1 Received principal plus interest on the John Glenn note. (No interest revenue has been recorded for the 4 months (January 1- Mayl, 2022) Мay 1. 2021. 6, Jets Company re et the 20 of the erchand ed $47,000. Dec. 31. 2021. May 1. 2022 Company recei ceived the alce
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