Question

journal entry worksheet
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received lee’s payment for principal and interest on the note dated december 13. assume no reversing entries were prepared.
note: enter debits before credits.
date general journal debit credit
january 27

Explanation:

Step1: Identify accounts affected

When receiving payment for principal and interest on a note, the cash account is debited (as cash is received), the notes - receivable account is credited (to remove the principal amount of the note), and the interest - revenue account is credited (to recognize the interest income).

Step2: Determine amounts

Since no specific amounts are given, we assume the principal amount is $P$ and the interest amount is $I$.

Step3: Record journal entry

Debit Cash for $P + I$, Credit Notes - Receivable for $P$, and Credit Interest Revenue for $I$.

Answer:

Date	General Journal	Debit	Credit
	Notes - Receivable		$P$
	Interest Revenue		$I$