Need Help solving the document attached below. Not understanding the accounts(description)

Copyright 2014 Christine Jonick Note Receivable Transactions You are Jonick Corporation, a company that sells merchandise to customers. Journalize the transactions below. Assume each year has 360 days and each month has 30 days. 2. Post the transactions for 2013 to the ledgers. You will only post to the Note Receivable and Interest Revenue accounts. 3. 1 Complete the financial statements for 2014 (scroll right.) 1. 1/1 You loaned an employee, Dan Lawson, $18,000 cash for 60 days. You received a note with an interest rate of 9% for this short-term loan. Correct Date 1/1 1/1 Credit 18,000 Account Debit Credit You accepted a 30-day, 6% note for $25,800 from Branson Co. on account._x000D_ Date 1/1 1/1 Debit 18,000 You accepted a 120-day, 8% note for $45,000 from Avondale Co. on account. Date 1/1 1/1 Account Note Receivable Cash Account Debit Credit You accepted a 90-day, 10% note for $12,000 from Crandall Co. on account._x000D_ Date 1/1 Account Debit Credit 1/31 You received the amount due from Branson Co. Date 1/31 2/28 Account Debit Credit You received cash for the interest due from Dan Lawson and a new 60-day, 12% note as a renewal of the loan of January 1. Date Account Debit Credit Debit Credit 2/28 3/31 Crandall Co. dishonored its note of January 1. Date 3/31 4/30 You received a new 10%, 30-day note for both principal and interest to replace the January 1 note from Avondale Co. that matured. Date 4/30 4/30 Account Account Debit Credit You received full payment from Dan Lawson on the note dated 2/28. Date 4/30 Account Debit Credit 5/31 You received full payment from Avondale Co. on the note dated 4/30. Date 5/31 6/30 Debit Credit You received full payment from Crandal Co. on the note dishonored on 3/31 plus a 20% interest penalty on the 3/31 outstanding balance. Date 6/30 10/1 Account Account Debit Credit You accepted a 120-day, 5% note for $17,600 from Grayson Co. on account._x000D_ Date 10/1 Account Debit Credit Scoring Journal entries Ledger accounts Financial statements Date Date Total Possible 12 2 3 17 Number Correct 1 0 0 1 Grade 6% Item Note Receivable Debit Credit Debit Credit Item Interest Revenue Debit Credit Debit Credit Jonick Company Income Statement For the Year Ended December 31, 2014 Fees earned $98,501 Operating expenses: Wages expense Depreciation expense Utilities expense Total operating expenses Net income from operations Interest revenue Net income $37,102 28,400 15,914 Jonick Company Retained Earnings Statement For the Year Ended December 31, 2014 Retained earnings, January 1, 2014 Net income Less dividends Increase in retained earnings Retained earnings, January 31, 2014 $35,813 4,000 Jonick Company Balance Sheet December 31, 2014 Assets Cash Accounts receivable Note receivable Supplies Equipment Less accumulated depreciation Total assets $15,953 33,402 $65,900 51,190 Liabilities Accounts payable $10,696 Stockholders' Equity Common stock $25,000 Retained earnings Total liabilities and stockholders' equity