On March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $16,000. In payment for the services, Whole Grain Bakery signs a 10% note requiring the payment of the face amount and interest to Terrell & Associates on September 1.

Required:

For Terrell & Associates, record the acceptance of the note receivable on March 1 and the cash collection on September 1. (Do not round intermediate calculations. If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)