The Merchant Company has a December 31st year end. On May 1, 2016 the Merchant Company accepted a 5%(annual interest rate). $48,000 nine-month note in payment of customer's accounts recievable balance. The interest and principal on the note are due on January 31, 2017. The company does not use reversing entries. Prepare the journal entries/adjusting journal entries on the Merchant Company's books on the following dates:

May 1, 2016:

Note Recievable 48,000

Account Recievable 48,000

December 31, 2016:

Interest Recievable ???

Interest Revenue ???

January 31, 2017:

????

????