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Is my journal entry correct re: the following line item? March 6: Mr. Burns collected $30,000 of the 1/1/2020 balance of the note receivable from Mayor Quimby.  The interest rate was 15% and the Note was written on July 1th, 2019 6-Mar Cash    $          32,250     Interest Income      $            2,250   Notes Receivable- Mayor Quimby      $          30,000

Is my journal entry correct re: the following line item? March 6: Mr. Burns collected $30,000 of the 1/1/2020 balance of the note receivable from Mayor Quimby.  The interest rate was 15% and the Note was written on July 1th, 2019 6-Mar Cash    $          32,250     Interest Income      $            2,250   Notes Receivable- Mayor Quimby      $          30,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Is my journal entry correct re: the following line item?

March 6: Mr. Burns collected $30,000 of the 1/1/2020 balance of the note receivable from Mayor Quimby.  The interest rate was 15% and the Note was written on July 1th, 2019

6-Mar Cash    $          32,250  
  Interest Income      $            2,250
  Notes Receivable- Mayor Quimby    

 $          30,000
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