On December $1,$ Kole Company accepted a $120-$day, $6\%,$$$17,000$ note receivable from J$.$ Peterman in exchange for his account receivable.

Requirements

Journalize the transaction on December $1.$

Journalize the adjusting entry needed on December $31$ to accrue interest revenue.

Journalize the collection of the principal and interest at maturity. Specify the date.

Requirement $1.$ Journalize the transaction on December $1.($Record debits first, then credits. Select the explanation from the last line of the journal entry table.$)$