Victory Welding Company overhauled a printing press for Helman's Printing Ltd.For the services completed on March 31,2018,Victory received a promissory note for $350,000 due and payable on March 31,2019.Helman's paid the amount as scheduled.Victory staff recorded the full amount as revenue on March 31,2018.
It is now May 20,2019.The accounting staff at Victory just realized that the note was improperly recorded,and that no interest income had been recognized.The controller believes that an interest rate of 10% would be appropriate.
Required:
Record any journal entries necessary to correct Victory's accounts in relation to the note receivable from Helman's.

Question

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The Answer of Victory Welding Company overhauled a printing press for Helman's Printing Ltd.For the services completed on March 31,2018,Victory received a promissory note for $350,000 due and payable on March 31,2019.Helman's paid the amount as scheduled.Victory staff recorded the full amount as revenue on March 31,2018.
It is now May 20,2019.The accounting staff at Victory just realized that the note was improperly recorded,and that no interest income had been recognized.The controller believes that an interest rate of 10% would be appropriate.
Required:
Record any journal entries necessary to correct Victory's accounts in relation to the note receivable from Helman's.

Victory Welding Company Overhauled a Printing Press for Helman's Printing