2015 90day 6 note dated December 3 31 Recorded an adjusting

2015 90day, 6% note dated December 3 31. Recorded an adjusting entry for accrued interest on the note of 2016 the entries to record the transactions

Solution

3-Dec Notes receivable 36000        Accounts receivable 36000 31-Dec Interest receivable 168 =36000*6%/360*28        Interest revenue 168 31-Dec Interest revenue 168        Income Summary 168 2-Mar Cash 36540        Interest receivable 168        Interest revenue 372        Notes receivable 36000