Try another version of this question On December 1, Kingman Corp. accepted a 120 day, 2%, $24,800 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 24,800 December 1 A/R 24,800 Date Description Debit Credit December 31 Interest Receivable 41.33 December 31 Interest Revenue 41.33 Date Description Debit Credit March 31 Cash 24,965.33 March 31 Notes Receivable 24,800.00 March 31 Interest Receivable 41.33 March 31 Interest Revenue 124.00