Question

journal entry worksheet
received the tomas payment for principal and interest on the note dated march 3.
note: enter debits before credits.
date general journal debit credit
june 01

Explanation:

Step1: Identify accounts affected

When receiving payment for principal and interest on a note, the cash account is debited (as cash is received) and the notes receivable account is credited for the principal amount and the interest - revenue account is credited for the interest amount.
Debit: Cash (for total amount of principal + interest)
Credit: Notes Receivable (for principal amount)
Credit: Interest Revenue (for interest amount)

Assume the principal amount of the note is $P$ and the interest amount is $I$.

Step2: Record journal entry

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

Answer:

Date	General Journal	Debit	Credit
	Notes Receivable		Principal amount
	Interest Revenue		Interest amount