On October 1, 2017, Zircon Jewelry Company accepted a 4-month, 10% note for $2,400 in settlement of an overdue account receivable

Interest revenue was accrued through December 31, 2017. Zircon receives the maturity value of the note at maturity. Prepare the journal entry to record the collection.
What will be an ideal response

Cash 2,480
Note Receivable 2,400
Interest Receivable 60
Interest Revenue 20 .($2,400 x 10%) x 3/12 = $60
($2,400 x 10%) x 1/12 = $20