On march 1, terrell & associates provides legal services to whole grain bakery regarding some recent food poisoning complaints. legal services total $10,500. in payment for the services, whole grain bakery signs a 8% 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. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

Explanation:

The journal entries are shown below:

1. Notes receivable  A/c Dr

          To service revenue A/c

(Being the acceptance of the notes  receivable recorded)

2.  Cash A/c Dr $10,920

          To notes receivable A/c $10,500

          To Interest revenue A/c $420

(Being cash collection is recorded)

The interest revenue is computed below:

= Notes receivable × interest rate × (number of months ÷ total number of months in a year)

= $10,500 × 8% × (6 months ÷ 12 months)

= $420

The 6 month is calculated from the March 1 to September 1  

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