These transactions took place for Bramson Co. 2021 May 1 Received a $5,000, 12-month, 6% note in exchange for an outstanding account receivable from R. Stoney. Dec. 31 Accrued interest revenue on the R. Stoney note. 2022 May 1 Received principal plus interest on the R. Stoney note. (No interest has been accrued since December 31, 2021.) port Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31.[Credit account titles are autom 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

Receivable is a compensation for the goods or services sold, the receivable is recorded as the cash to be received and when this cash is actually received the receivables entry is reversed.

May 1 2021

Receivables DR $5000

Sales CR $5000

To record Receivables from R. Stoney

Dec 31 2021

Allowance for bad debts DR $300

Receivables $300

To record the allowance for bad debts expected

May 1 2022

Receivable DR $300

Accrued Interest Income CR $300

(Assuming 6% interest rate)

To record the interest income

May 1 2022

Cash DR $5300

Receivables CR $5300

To record the cash receipt from R. Stoney

May 1 2022

Receivables DR $300

Allowance for receivables CR $300

To record the reversal of allowance for receivables.

The transaction will be recorded as this and the final transaction shows how to reverse the allowance for receivables previously recorded.

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