The first blank is NOT Notes nor Interest Receivable.

Your answer is partially correct. These transactions took place for Waterway Industries 2021 May 1 Received a $5,900, 12-month, 6% note in exchange for an outstanding account receivable from R. Stoney. Dec. 31 Accrued interest revenue on the R. Stoney note. 2022 May 1 Received principal plus interest on the R. Stoney note. (No interest has been accrued since December 31, 2021.) Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit y 1, 2021 Interest Receivable 5900 Accounts Receivable 5900 .. 31, 2021 Interest Receivable 236 Interest Revenue 236 y 1, 2022 Cash 6254 Notes Receivable 5900 DO hote Interest Receivable Interest Revenue 118