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hi was wondering if i could get help with this problem LU Notes Problems Problem 2 The Controller of The Fur Seasons, a dog kennel
hi was wondering if i could get help with this problem
LU Notes Problems Problem 2 The Controller of The Fur Seasons, a dog kennel and spa, prepares a entries only at the end of the fiscal year. The following adjusting er prepared on December 31, 2016: 6,300 6,300 35,000 Dec 31 Interest expense Interest payable Dec 31 Rent expense Prepaid rent Dec 31 Interest receivable Interest revenue 35,000 1,050 1,050 Additional information: le company borrowed $120,000 on March 31, 2016. Principal and interest are due on March 31, 2017. Rent for the year on the company's office space is $60,000. The rent is paid in advance. 3. On October 31, 2016, The Fur Seasons lent money to a customer. The customer signed a note with principal and interest at 7% due in one year. Required: Determine the following: 1. What is the interest rate on the company's note payable? 2. The 2016 rent payment was made at the beginning of which month? 3. How much did The Fur Seasons lend to its customer on October 31Step by Step Solution
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