please explain why answet is 720

Gold Medal Running Shoes reports the following 2016 Jan. 3 Recorded credit card sales of $110,000, net of processor fee of 3%. Ignore Cost of Goods Sold. Oct. 1 Loaned $12,000 to Jerry Pinket, an executive with the company, on a one-year 8% note. Dec. 31 Accrued interest revenue on the Pinket note 2017 Oct 1 Collected the maturity value of the Pinket note. Journalize all entries required for Gold Medal Running Shoes (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) UCL 1, 2017. Comecie e aluny value in Puket Hote. Prepare a surge compound journalery) Date Debit Credit 12,960 2017 Oct 1 12.000 Accounts and Explanation Cash Note Receivable-Jerry Pinket Interest Receivable Interest Revenue Collected note receivable plus interest 240 7209