Requirement 3: Journalize the collection of the principle and interest (maturity value) for all three notes.
(see page 25)
General Journal
Account Name
Debit
Credit
Cash
Interest Receivable
850
Interest Revenue
1,190
Note Receivable # 1
General Journal
Account Name
Debit
Credit
Cash
9,270
Interest Receivable
Interest Revenue
Note Receivable # 2
General Journal
Account Name
Debit
Credit
Cash
Interest Receivable
24
Interest Revenue
6,000
Note Receivable # 3