Try another version of this question On December 1, Kingman Corp. accepted a 120 day, 7%, $21,500 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 21,500 December 1 A/R 21,500 Date Description Debit Credit December 31 Interest Receivable 125.42 December 31 Interest Revenue 125.42 Date Description Debit Credit March 31 Cash 22,001.67 March 31 Notes Receivable 21,500.00 March 31 Interest Receivable 125.42 March 31 Interest Revenue 376.25