Question: When do I use notes receivable and interest receivables in my journal entry? I also get confused between interest revenue and interest receivables. For example,

When do I use notes receivable and interest receivables in my journal entry? I also get confused between interest revenue and interest receivables.

For example, on august 7 - Accepted a 7450, 90 day 10 percent note dated this day in granting a time extension on the past due account receivable of Mulan Co.

Nov 5 Received payment of principal plus interest from Mulan for the August 7 note.

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