Fill in Debit and Credit for the Journal Entry Dec 31. Use the formula Principle X Interest rate X Time/ 365 = amount of interest. The answer is not 854. Show your work.

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Oct 1 Loaned $11,000 cash to Carroll Fadal on a one-year, 6% note. Dec 6 Performed service for Fairway Masters, receiving a 90-day, 8% note for $9.000. 16 Received a $4.,000, six-month, 12% note on account from Warren, Inc. 31 Accrued interest revenue for the year Requirement 1. Record the preceding note receivable transactions in the journal of Celtic Services. How much interest revenue did Celtic eam this year? Use a 365-day year for interest computations, and round interest amounts to the nearest dollar. Celtic Services has a(n) December 31 fiscal year-end. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit Dec 16 Note Receivable - Warren 4,000 Accounts Receivable - Warren 4,000 Dec 31 Accrued interest revenue for the year Accrue interest revenue on all of the notes in one entry. (Use a 365-day year for interest computations. Round intermediary calculations and your final answer to the nearest whole dollar.) Journal Entry Date Accounts Debit Credit Dec 31 Interest Receivable 854 Interest Revenue 854 Oct 1 Loaned $11,000 cash to Carroll Fadal on a one-year, 6% note. Dec 6 Performed service for Fairway Masters, receiving a 90-day, 8% note for $9.000. 16 Received a $4.,000, six-month, 12% note on account from Warren, Inc. 31 Accrued interest revenue for the year Requirement 1. Record the preceding note receivable transactions in the journal of Celtic Services. How much interest revenue did Celtic eam this year? Use a 365-day year for interest computations, and round interest amounts to the nearest dollar. Celtic Services has a(n) December 31 fiscal year-end. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit Dec 16 Note Receivable - Warren 4,000 Accounts Receivable - Warren 4,000 Dec 31 Accrued interest revenue for the year Accrue interest revenue on all of the notes in one entry. (Use a 365-day year for interest computations. Round intermediary calculations and your final answer to the nearest whole dollar.) Journal Entry Date Accounts Debit Credit Dec 31 Interest Receivable 854 Interest Revenue 854

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