1.7 HW BOOK Working Backwards Notes Hacivatie On December 1, 2016. Hoper Corp. accepted two-month, 136,000 interest-bearing note from a customer in payment of an account receivable On December 31, 2016, Raper made the following adjusting entry Journal Income Statement Net Balance Sheet Stockholders Assets - Liabilities + Equity NE Revenues Expenses Income Debit Credit 300 NE NE NE Date Description 2016 Dec. 31 Interest Receivable Interest Revenue Te record interested for one month on a $36,000 not Required: 300 NE NE 1. What is the interest rate on the note? Net 2. Prepare the entry on Hoper's books on anuary 31, 2017, when the company collects the principal and interest on the net. How does this entry wfect the conegut Indicate the effect on financial statement tam by secting for decrease or negative effect. For increase (or positive effect) and "NE" for No Entry for offert) on the financial statement Journal Balance Sheet Income statement Stockholders Date Description Debit Cred Assets aaintles) Equity Revenues Expenses 2017 Jun Income 31 Previous Bot Gading Augen Scan: 205 MacBook Air 1. What is the interest rate on the note? 2. Prepare the entry on Roper's books on January 31, 2017, when the company collects the principal and interest on the note. How does this entry affect the counting in Indicate the effect on handal statement items by selecting for decrease or negative effect), for increas (puitive effect) and "" for Notty for no effect on the financialment Journal Balance Sheet Income statement Stockholders Date Description Debit Credit Assets Liabilities Equity Revenues Expenses 2012 Jan. 31 Net Income 100 Previous Next CheckMy work Save and Submited for Grad