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, 2024: General Journal Interest expense Interest payable Insurance expense Prepaid insurance Interest receivable Interest revenue Debit 1,870 68,000 3,740 Credit Additional information: 1. The company borrowed $34,000 on June 30, 2024. Principal and interest are due on June 30, 2025. This note is the company's only interest-bearing debt. 1. Interest rate 2. Month of insurance payment 3. Principal 1,870 68,000 3,740 2. Insurance for the year on the company's office buildings is $102,000. The insurance is paid in advance. 3. On August 31, 2024, Yankel lent money to a customer. The customer signed a note with principal and interest at 6% due in one year. Required: 1. What is the interest rate on the company's note payable? 2. The 2024 surance payment was made at the beginning of which month? 3. How much did Yankel lend its customer on August 31? %

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, 2024: General Journal Interest expense Interest payable Insurance expense Prepaid insurance Interest receivable Interest revenue Debit 1,870 68,000 3,740 Credit Additional information: 1. The company borrowed $34,000 on June 30, 2024. Principal and interest are due on June 30, 2025. This note is the company's only interest-bearing debt. 1. Interest rate 2. Month of insurance payment 3. Principal 1,870 68,000 3,740 2. Insurance for the year on the company's office buildings is $102,000. The insurance is paid in advance. 3. On August 31, 2024, Yankel lent money to a customer. The customer signed a note with principal and interest at 6% due in one year. Required: 1. What is the interest rate on the company's note payable? 2. The 2024 surance payment was made at the beginning of which month? 3. How much did Yankel lend its customer on August 31? %

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section: Chapter Questions

Problem 1AP

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