I have entered the following information based on the assumption that I received the principal and interest payment due on a note receivable.
Cash 6835
Notes Receivable 6700
Interest Revenue 135

$113 in interest had already been accrued to Interest Receivable.
Do I adjust this transaction by:
Interest Receivable 21
Interest Income 21

Thanks for any help!
Dan

I am a bit confused as to what you are saying.

Here is what I THINK you are saying.

You received a cheque for $6,835. Of that amount 6,700 was on principal and the other 135 for interest.

However, you had already accrued 113 in interest revenue of that 135.

If that is what you are saying….

Dr. Cash 6835
Cr. Notes Receivable 6700
Cr. Interest Revenue 22
Cr. Interest Receivable 113

Thank you very much for your help!!
Dan