Date Account titles and explanation Debit Credit Aug 2, 2020 Notes receivable A/c Dr. 5,500 To Accounts receivable 5,500 ( 90 days , 5% note received from customer against his account balance ) Oct 31, 2020 Cash A/c Dr. 5,568.75 To notes receivable 5,500 To interest revenue A/c ( 5,500 *5%*90/360 ) 68.75 ( note receivable is honored by customer on due date )