im having issues with the fact that it says the company ADVANCED $27,000 not lent $27,000 so would it be interest payable and interest expense or should it stay interest receivable and interest revenue?

A company has a fiscal year-end of December 31: (1) on October 1, $29,000 was paid for a one-year fire insurance policy: (2) on June 30 the company advanced its chief financial officer $27,000: principal and interest at 5% on the note are due in one year, and (3) equipment costing $77,000 was purchased at the beginning of the year for cash. Prepare journal entries for each of the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet