Record the following transactions for Concord Co. in the general journal. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) 2020       May 1   Received a $33,000, 12 months, 10% note in exchange for Mark Chamber’s outstanding accounts receivable. Dec. 31   Accrued interest on the Chamber note. Dec. 31   Closed the interest revenue account. 2021       May 1   Received principal plus interest on the Chamber note. (No interest has been accrued in 2021.)   Date Account Titles and Explanation Debit Credit  May 1, 2020Dec. 31, 2020May 1, 2021                May 1, 2020Dec. 31, 2020May 1, 2021                 (To record accrued interest on note.)      May 1, 2020Dec. 31, 2020May 1, 2021                 (To close the interest revenue account.)      May 1, 2020Dec. 31, 2020May 1, 2021

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Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.