The Nicholson Paving Corporation had the following short-term notes receivable outstanding during 2000:

Amount Date Issued Date Due Interest Rate $ 6,000 January |, 2000 March |, 2000 10%
8,000 May |, 2000 November |, 2000 12%
10,000 October 2, 2000 April 2, 2001 9%
Nicholson collects all the interest on each note on the maturity date.
Required: (1) Compute the interest revenue earned by The Nicholson Paving Corporation during 2000. For simplicity, compute interest based on the number of months that each note was outstanding.
(2) What adjusting entry (if any) does Nicholson need to make at the end of 2000? TYK-1