33. On August 1, 2011, Hampton Construction received a 9 percent, six-month note receivable from Dusty Roads, one of Hampton Construction's problem credit customers. Roads had owed $36,000 on an...

Extracted text: 33. On August 1, 2011, Hampton Construction received a 9 percent, six-month note receivable from Dusty Roads, one of Hampton Construction's problem credit customers. Roads had owed $36,000 on an outstanding account receivable. The note receivable was taken in settlement of this amount. Assume that Hampton Construction makes adjusting entries for accrued interest revenue once each year on October 31. Journalize the following transaction. "Assume that Dusty Roads pays the note plus accrued interest in full. Record the collection of the principal and interest on January 31, 2012".