Noo-Interest-Bearing Notes Parable Genetal daurnal Prepure the necessary joumal entries fo record: t. Ter inuarce of the note en Novernter if aoid 2. the related adputiment an Dovember 3f, sore J. paptreat of the acte on Fetruary is avr 4. nivest egpente for abor an Fetruey is aor Balance Sheet Prepare the necessary journal entries to record: 1. the issuance of the note on November 16, 2016 2. the related adjustment on December 31, 2016 3. payment of the note on February 15, 2017 4. interest expense for 2017 on February 15, 2017 What is Clear Glass Company's effective interest rate? Round your answer to three decimal places and enter as XX.XXX % rate for 90 days Non-Interest-Bearing Notes Payable Instructions On November 16, 2016, Clear Glass Company borrowed $22,000 from First American Bank by issuing a 90-day, non-interest-bearing note. The bank discounted this note at 10% and remitted the difference to Clear Glass. Required: 1. Prepare the journal entries of Clear Glass to record the preceding information, the related calendar year-end adjusting entry, and payment of the note at maturity. 2. Show how the preceding items would be reported on the December 31, 2016, balance sheet. 3. Next Level What is Clear Glass Company's effective interest rate? Non-Interest-Bearing Notes Payable Instructions Chart of Accounts Chart of Accounts CHART OF ACCOUNTS Clear Glass Company General Ledger ASSETS 111 Cash 121 Accounts Receivable 141 Inventory 152 Prepaid Insurance 181 Equipment 189 Accumulated Depreciation LIABILITIES 211 Accounts Payable 231 Salaries Payable 250 Unearned Revenue 260 Notes Payable 261 Discount on Notes Payable 265 Income Taxes Payable REVENUE 411 Sales Revenue EXPENSES 500 Cost of Goods Sold 511 Insurance Expense 512 Utilities Expense 521 Salaries Expense 532 Bad Debt Expense 540 Interest Expense 541 Depreciation Expense 559 Miscellaneous Expenses 910 Income Tax Expense EQUITY 311 Common Stock 331 Retained Earnings