On August 1,Jackson Radiology signed a one-year note receivable of $60,000 with interest at of 15% payable every six months.Jackson properly accrued interest on the note on December 31.What journal entry would Jackson make on the following February 1 to record the interest payment received on that date?

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The time period from August 1 through December 31 included five months;the related amount was accrued at December 31 by debiting Interest Receivable and crediting Interest Revenue for $3,750 (or $60,000 × .15 × 5/12).The final month of interest was earned during January.
Debit Cash (to increase this asset account)for $4,500 (or $60,000 × 0.15 × 6/12),credit Interest Receivable (to decrease this asset account)for $3,750 (or $60,000 × 0.15 × 1/12),and credit Interest Revenue (to increase this revenue account)for $750 (or $60,000 × 0.15 × 1/12).

On August 1,Jackson Radiology Signed a One-Year Note Receivable of $60,000