Part 2: Notes Receivable 5) On October 1, 2012, Coleson Company lends $36,000 to Benson Company for 7 months. What journal entry does Coleson Company record for this transaction? 11/01/2012 6) (Continuation of question 5). The Note Receivable is established with a 3% annual interest rate, and the terms of the note states that the principal and interest will be due and paid on May 1, 2013. What adjusting journal entry is needed to accrue interest revenue earned for 2012 before Coleson Company prepares financial statements on December 31, 2012? 12/31/2012 7) (Continuation of question 5 & 6). On May 1, 2013, Benson Company pays all principal and interest owed to Coleson Company. Write the journal entry (from the viewpoint of Coleson Company) to record the collection. 05/01/2013