On March 1, Kane Corporation accepted a 60 -day, 3%,$29,200 note receivable from J. Summers in exchange for his account receivable. Read the requirements. Requirements 1. Journalize the transaction on March 1. Requirement 1. Journalize the transaction on March 1. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) 2. Journalize the adjusting entry needed on March 31 to accrue interest revenue. Round to the nearest dollar. 3. Journalize the collection of the principal and interest at maturity. Specify the date. Round to the nearest dollar
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