Record the following transactions for Icke Ice Co. in the general journal
May 1 Received a $10,500, one-year, 10 percent note on account from Paul’s Hamburger
Dec. 31 Accrued interest on the note
Dec. 31 Closed the interest revenue account
May 1 Received principal plus interest on the note (No interest has been accrued in 2003.)
At December 31, 2004, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $12,000.
Prepare the entry to record the sales transactions and related taxes for each client