Question

journal entry worksheet
1 2
prepare an adjusting entry to record the accrued interest on the lee note.
note: enter debits before credits.
date general journal debit credit
december 31 interest receivable
interest revenue

Explanation:

Step1: Identify accounts involved

When recording accrued interest, Interest receivable (an asset account) increases and Interest revenue (a revenue account) increases.

Step2: Determine debit - credit rules

Assets increase with a debit and revenues increase with a credit. So, we debit Interest receivable and credit Interest revenue.

Answer:

Date	General Journal	Debit	Credit
December 31	Interest revenue		[Amount of accrued interest]

(Note: The actual amount of accrued interest should be calculated based on the principal amount of the Lee note, the interest rate, and the time period for which the interest has accrued. Since that information is not provided in the question, we just show the general journal entry format with a placeholder for the amount.)