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On December 1, Jasmin Ernst organized Ernst Consulting. On12/1, Ernst Consulting receives a $12,000, 45-day, 7% note from a customer. (1) Prepare the year-end adjusting

On December 1, Jasmin Ernst organized Ernst Consulting. On12/1, Ernst Consulting receives a $12,000, 45-day, 7% note from a customer. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. (2) Prepare the entry required on the note's maturity date assuming it is honored. Note: Use 360 days a year

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