1. On July 1, 2020, Kolms Company received an 8%, 4-month $75,000 note dated July 1 from a customer in exchange for an outstanding account. Date Account 07/01/20 Note Receivable 1. Accounts Receivable Debit Credit 2. On November 1, 2020, this note is honored and no interest has been accrued. (i.e., note is paid in full with interest) 2. Date Account 11/01/20 Cash Note Receivable Interest Revenue Debit Credit