NOTES RECEIVABLE On April 1, 2008, Vandolay loans a $10,000 note to a customer opening a new store. The note, which bears 10% annual interest, becomes due on March 31, 2009. Prepare the required journal entry. Note Receivable Cash On December 31, 2008, Vandolay accrued interest for the portion of the year that the note was outstanding. Prepare the required adjusting journal entry. Interest Receivable Interest Revenue 7-5 7-6 On March 31, 2009, Vandolay received all interest and principal for the note. Prepare the required journal entry for the receipt of interest. Interest Revenue Interest Receivable 750 Beg. Bal Cash account omitted) Prepare the required journal entry for the receipt of principal. Cash account omitted) Note Receivable 10,000 Beg. Bal. 7-6