Accounting for Notes Receivable Date Description Debit Credit Nov, 21 Notes Receivable 6,000 Accts. Receivable-Bunn Co 6,000 Received a $6,000, 30-day, 12% note Dec 21 Cash 6,060 Notes receivable 6000 Interest Revenue 60 Collected amount due on note dated novem ber 21 Principal Interest= Maturity Value $6,000 ($6000×12%X30/360)=$6,060 c7-17C7 - 17 Accounting for Notes Receivable Date Description Debit Credit Collected amount due on note dated November 21. Nov. 21 Dec. 21 Notes Receivable 6,000 Accts. Receivable - Bunn Co. 6,000 Cash 6,060 Notes Receivable 6,000 Interest Revenue 60 Principal + Interest = Maturity Value $6,000 + ($6,000 x 12% x 30 / 360) = $6,060 Received a $6,000,30-day, 12% note