Page 39 NOTES RECEIVABLE AND ACCRUED INTEREST Record the following entries made by First Bank and post them to the T-accounts at the bottom of the page 1. December 1, 20x1 Accepted a 120-day 9% note for a $10,000 cash loan made to Smith Co. 2 December 31, 20x1 Accrued interest on the above note. 3. December 31, 20x1 Made entry to close the interest account 4. March 31, 20x2 Received a check from Smith Co. in payment of its note and interest. Notes Receivable 12 Interest Revenue 71 Interest Receivable 16 The interest revenue eamed in 20X1 is $ The interest revenue camed in 20X2 is Total Interest on the