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The cash to be received by kline company when the note becomes due is $6200.
What is a note receivable?
A note receivable is an asset account linked to an underlying promissory note that specifies in writing the terms of payment for a purchase between the "maker" of the note and the "payee," who is normally a business and is occasionally referred to as a creditor (usually a customer or employee, and sometimes called a debtor).
The honored note is recorded by debiting cash for the amount paid by the customer, crediting notes receivable for the note's principal amount, and crediting interest revenue for the interest generated, presuming no adjustment entries have been made to accumulate interest income.
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