Homework Answers
There are different ways in which the entry can be recorded:
One of the ways is:
| Date | Description | Debit ($) | Credit ($) |
| Notes receivable | 10,800 | ||
| Sales | 10,800 |
Another way could be
| Date | Description | Debit ($) | Credit ($) |
| Notes receivable | 10,800 | ||
| Interest receivable | 124.27 | ||
| Sales | 10,800 | ||
| Interest Revenue | 124.27 |
Notes
Interest revenue is calculated as $10800 * 7% * 60/365 days = 124.27
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