Reference no: EM132988956
Question - The Yankel Corporation's controller prepares adjusting entries only at the end of the fiscal year. The following adjusting entries were prepared on December 31, 2021:
General Journal Debit Credit
Interest expense 3,360 Interest payable 3,360 Insurance expense 96,000 Prepaid insurance 96,000 Interest receivable 6,720 Interest revenue 6,720
Additional information:
-The company borrowed $48,000 on June 30, 2021. Principal and interest are due on June 30, 2022. This note is the company's only interest-bearing debt.
-Insurance for the year on the company's office buildings is $144,000. The insurance is paid in advance.
-On August 31, 2021, Yankel lent money to a customer. The customer signed a note with principal and interest at 12% due in one year.
Required -
1. What is the interest rate on the company's note payable?
2. The 2021 insurance payment was made at the beginning of which month?
3. How much did Yankel lend its customer on August 31?
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