On July 1, 2011, Hullie & Oates issued a 9-month note receivable to Shanahan & Co. at an annual interest rate of 7%. Principle and interest will be paid at the end of the 9-months. The note was recorded in Notes Receivable and is the only note outstanding. How do you get the total 1,200 for the interest receivable?

Hullie & Oates Company
End of Period Worksheet
For the Year Ended December 31, 2013
	Unadjusted				Adjusted
Account Title	Trial Balance		Adjustments		Trial Balance
	DR	CR	DR	CR	DR	CR
Cash	36,000	-
Accounts Receivable	72,850	-
Allowance for Doubtful Accounts		4,000
Interest Receivable	-
Merchandise Inventory	160,500	-
Prepaid Insurance	24,000	-
Prepaid Advertising	48,000
Prepaid Rent	-
Store Supplies	5,800	-
Office Supplies	-	-
Note Receivable	30,000
Store Equipment	350,000	-
Accumulated Depreciation - Store Equipment	-	40,050
Office Equipment	125,000	-
Accumulated Depreciation - Office Equipment	-	17,200
Accounts Payable	-	85,200
Salaries Payable	-	-
Interest Payable	-	-
Unearned Rent	-	40,000
Note Payable (final payment due 2017)	-	146,000
Common Stock	-	60,000
Retained Earnings	-	333,825
Dividends	25,000	-
Sales	-	788,350
Sales Returns and Allowances	12,800	-
Sales Discounts	8,300	-
Cost of Goods Sold	457,200	-
Sales Salaries Expense	94,650	-
Advertising Expense		-
Depreciation Expense - Store Equipment	-	-
Store Supplies Expense	-	-
Miscellaneous Selling Expense	2,600	-
Office Salaries Expense	34,000	-
Rent Expense	18,500	-
Insurance Expense	-	-
Depreciation Expense - Office Equipment	-	-
Office Supplies Expense	7,775	-
Miscellaneous Administrative Expense	1,650	-
Rent Revenue	-	-
Interest Revenue
Interest Expense	-	-
Bad Debt Expense	-	-
	1,514,625	1,514,625