These transactions took place for Oriole Company. 2021
May 1 Received a $5,200, 12-month, 6% note in exchange for an outstanding account receivable from R. Stoney.
Dec. 31 Accrued interest revenue on the R. Stoney note.

2022
May 1 Received principal plus interest on the R. Stoney note. (No interest has been accrued since December 31, 2021.)

Required:
Record the transactions in the general journal.

See the journal entries below.

Explanation:

The journal entries will look as follows:

Date                Account Title $ Explanation        Debit ($)       Credit ($)  

May 1, 2021    Note receivable                                5,000

                      Accounts receivable - R. Stoney                           5,000

                      (To record note received for accounts receivable.)            

Dec 31, 2021  Interest receivable (w.1)                      200

                       Interest revenue                                                      200

                      (To record Interest accrued.)                                                  

May 1, 2022   Cash                                                   5,300

                       Note receivable                                                    5,000

                       Interest receivable                                                  200

                       Interest revenue (w.2)                                             100

                       (To record principal plus interest on the R. Stoney note.    

Workings:

w.1: Interest receivable = Note amount * Interest rate * (Number of months from May 1, 2021 to December 31, 2021 / Number of months in a year) = $5,000 * 6% * (8 / 12) = $200

w.2: Interest revenue = Note amount * Interest rate * (Number of months from January 1, 2022 to April 30, 2022 / Number of months in a year) = $5,000 * 6% * (4 / 12) = $100

you have to put the parentheses like this:

in fact, you have to perform the operation inside parentheses first, and then proceed in order: