ACC 421 Intermediated Accounting 1

Hello,

Can you help me figure out interest revenue?

Brief Exercise 3-8 Included in Monty Company?s December 31 trial balance is a note receivable of $7,440. The note is a4-month,10% note dated October 1. Prepare Monty?s December 31 adjusting entry to record $186of accrued interest, and the February 1 journal entry to record receipt of $7,688from the borrower. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

Date	Account Titles and Explanation	Debit	Credit
Feb. 1Oct. 1Dec. 31res_EAT_1359692325010_0_26232286788653847_004	Interest Receivable	186
Interest Revenue		186
Feb. 1Oct. 1Dec. 31res_EAT_1359692325010_0_26232286788653847_020	Cash	7,688
Notes Receivable		7440
Interest Receivable		186
Interest Revenue

Brief Exercise 3-8 Included in Monty Company's December 31 trial balance is a note receivable of $7,440. The note is a 4-month, 10% note dated October 1. Prepare Monty's December 31 adjusting entry to record $186 of accrued interest, and the February 1 journal entry to record receipt of $7,688 from the borrower. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Dec. 31 Account Titles and Explanation Interest Receivab Debit 186 Interest Revenue Dec. 31 Cash Notes Receivable Interest Receivab Interest Revenue Credit 186 7,688 7440 186