Record the following Transactions for Taylor Co. in a general journal. 2014 May 1 received a $7500, 1-year, 9% note in exchange for Len Monroe;s outstanding account receivable. Dec. 31 Accrued interest on the Monroe note. Dec. 31 closed the interest revenue account. 2015 May 1 recieved principal plus interest on the Monroe note. (No interest has been accrued in 2015.) Solution 2014 May 1 received a $7500, 1-year, 9% note in exchange for Len Monroe;s outstanding account receivable. Dr Notes Receivable 7,500 Cr Accounts Receivable 7,500 Dec. 31 Accrued interest on the Gonzalez note. 7,500 * 9% * 8/12 = 450 Dr Interest Receivable 450 Cr Interest Revenue 450 Dec 31 Closed the interest revenue account. Dr Interest Revenue 450 Cr Income Summary 450 2015 May 1 recieved principal plus interest on the Monroe note. (No interest has been accrued in 2015.) 7,500 * 1.09 = 8,175 Dr Cash 8,175 Cr Interest Receivable 450 Cr Interest Revenue 225 (7,500 * 9% * 4/12) Cr Notes Receivable 7,500 .