March 6: Mr. collected $30,000 of the 1/1/2020 balance of the note receivable from Mayor Quimby.  The interest rate was 15% and the Note was written on July 1th, 2019  Is this journal entry correct for this transaction?   CASH Debit 32,250 INTEREST REVENUE Credit (30,000*15%*6/12) 2,250 Notes Receivable - Mayor Quimby Credit 30,000

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A: Journal entry is a primary entry that records the financial transactions initially.

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A: The answer is as fallows

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A:

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