Business, 20.09.2020 16:01 nmm32

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 JournalDebitCredit Interest expense2,100 Interest payable 2,100 Insurance expense70,000 Prepaid insurance 70,000 Interest receivable4,200 Interest revenue 4,200 Additional information: The company borrowed $35,000 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 $105,000. 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 9% 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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The Yankel Corporation’s controller prepares adjusting entries only at the end of the fiscal year. T...

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