Bernard Supply Co. has the following transactions related to notes receivable during the last 2 months of the year.

Nov. 1 Loaned $30,000 cash to T. Crew on a 1-year, 8% note.
Dec. 11 Sold Goods to M.F. Hoffman, Inc. receiving a $3,600, 90-day, 12% note.
Dec. 16 Received an $8,000, 6-month, 12% note to settle an open account from C. Lampe.
Dec. 31 Accrued interest revenue on all noes receivable.

Instructions:
Journalize the transactions for Bernard Supply Co.

This is what I have come up with so far:

Nov.1 Notes Receivable 30,000
Accounts Receivable-T. Crew 30,000
Dec. 11 Notes Receivable 3,600
Accounts Receivable-M.F. Hoffman Inc. 3,600
Dec.16 Notes Receivable 8,000
Accounts Receivable-C. Lampe 8,000

What I need is for someone to tell me if I am doing this right so far and what I need to do at the end of the month with the interest. Thanks!

Nov. 1 Loaned $30,000 cash to T. Crew on a 1-year, 8% note.
Dr. Notes Receivable 30,000
Cr. Cash 30,000

If we are loaning someone money, we must credit cash.


Dec. 11 Sold Goods to M.F. Hoffman, Inc. receiving a $3,600, 90-day, 12% note.
Dr. Notes Receivable 3,600
Cr. Revenue 3,600

We made a sale, but instead of getting cash for it, we are getting a note.


Dec. 16 Received an $8,000, 6-month, 12% note to settle an open account from C. Lampe.

I agree with your Dec. 16 entry.

Dr. NR 8,000
Cr. AR 8,000


Dec. 31 Accrued interest revenue on all notes receivable.

Nov. 1 NOTE = 30,000 at 8% for 1 year.
30,000 x 0.08 x 2/12 = 400

Dec. 11 NOTE = $3,600, 90-day, 12% note.
3,600 x 0.12 x 2/12 = 72


Dec. 16 NOTE = $8,000, 6-month, 12% note
8,000 x .12 x 2/12 = 160

Adding it all up, 400+72+160 = $632

Dr. Interest Receivable 632
Cr. Interest Revenue 632

If you want, you can always break up the interest Receivable per person.

Dec. 31 Accrued interest revenue on all notes receivable.

Nov. 1 NOTE = 30,000 at 8% for 1 year.
30,000 x 0.08 x 2/12 = 400

Dec. 11 NOTE = $3,600, 90-day, 12% note.
3,600 x 0.12 x 2/12 = 72


Dec. 16 NOTE = $8,000, 6-month, 12% note
8,000 x .12 x 2/12 = 160

Adding it all up, 400+72+160 = $632

Dr. Interest Receivable 632
Cr. Interest Revenue 632

Almost right. KatieEighties is only looking for 20 days from the Hoffman account (20/360) and only half a month with the C. Lampe account (.5/12).
Change the time frame on those two equations and you should be set.