Try another version of this question On December 1, Kingman Corp. accepted a 120 day, 8%, $25,000 note receivable from J. Peterman in exchange for his account receivable. Journalize the transaction on December 1. Journalize the adjusting entry needed on December 31 to accrue interest revenue. Journalize the collection of the principal and interest at maturity. Date Description Debit Credit December 1 December 1 Date Description Debit Credit December 31 December 31 Date Description Debit Credit March 31 March 31 March 31 March 31 Date Description Debit Credit December 1 Notes Receivable 25,000 December 1 A/R 25,000 Date Description Debit Credit December 31 Interest Receivable 166.67 December 31 Interest Revenue 166.67 Date Description Debit Credit March 31 Cash 25,666.67 March 31 Notes Receivable 25,000.00 March 31 Interest Receivable 166.67 March 31 Interest Revenue 500.00