DateDescriptionDebit $Credit $1-MayNotes Receivable5900Accounts Receivable5900(May 1 Received a $5,900, 1-year, 6% note in
exchange for an outstanding account
receivable from S. Dorsey)Dec. 31Interest Receivable236Interest Revenue236(Accrued interest revenue on the S. Dorsey note
= 5900*6%*8/12)May .12Cash6254Notes Receivable5900Interest Receivable236Interest Revenue118( Interest for 4 Month =118= 5900*6%*4/12