Husemann Co.'s assets include notes receivable from customers. During fiscal 2013, the amount of notes receivable averaged $138,750, and the interest rate of the notes averaged 4.8%.

(a.3)

Prepare a journal entry that accrues the interest income earned from the notes.

f the balance in the Interest Receivable account increased by $1,500 from the beginning to the end of the fiscal year, how much interest receivable was collected during the fiscal year?

(b.2)

Prepare a horizontal model to show the collection of this amount. (+ for increase and for decrease).

(c.3)

Prepare a journal entry to show the collection of this amount.