can someone explain to me how accrued interest is calculated and explain the basic concepts of the chapter receivables?

Exercise 9-11 (similar to) Southside Company, which has a December 31 year-end and uses a periodic inventory system completed the following transactions during 2019 and 2020 Click the icon to view the transactions Doc Required Prepare the necessary foumal entries to record the transactions. Assume that a 305-disy year is used for calculations Dec 13, 2018 Received amount due from NOW Racing (Round your answers to the nearest cent) Journal Entry Transactions Date Accounts Debit Credit 13Cash 710356 Notes Receivable NOW Racing 7,000 2010 Intet Revene 103.50 Oct 14 Sold merchandise to NOW Racingcong a 00-day percent for $7.000 Nov 16 Sold merchandise to Victory Racing receiving a 72.day percent noto for $9.000 Dec 31, 2010 Accrued interest on the Victory Racing note. (Round your answers to the nearest cent Dec 13 Received amount due from NOW Racing Journal Entry Dec 31 Accrued interest on the Victory Racing note 2020 Accounts Debit Credit Jan 27 Collected in from Victory Racing 31 Receivable 0904 1904 Print Done tornatyron in the inputs and then click Check