Included in Marigold Company’s December 31 trial balance is a note receivable of $7,920. The note is a 4-month, 10% note dated October 1. Prepare Marigold’s December 31 adjusting entry to record $198 of accrued interest, and the February 1 journal entry to record receipt of $8,184 from the borrower. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

See explanation section.

Explanation:

December 31, Interest receivable Debit $198

Interest revenue                            Credit $198

Interest revenue = ($7,920 × 10% ÷ 12) × 3 = $198

To record the adjusting entry for interest revenue.

February 1, Cash    Debit = $8,184

Note receivable     Credit = $7,920

Interest revenue    Credit = $66

Interest receivable Credit = $198

Calculation: Interest revenue = ($7,920 × 10% ÷ 12) × 4 = $264 - $198 = $66

To record the cash received from note receivable with interest.

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