If a note provides for payment of principal of $85,000 and interest at the rate of 6%, will the interest amount to $5,100? Explain. The maker of a $240,000, 6%, 90-day note receivable failed to pay...

If a note provides for payment of principal of $85,000 and interest at the rate of 6%, will the interest amount to $5,100? Explain.

The maker of a $240,000, 6%, 90-day note receivable failed to pay the note on the due date of November 30. What accounts should be debited and credited by the payee to record the dishonored note receivable?