Q1: One March Year 1, B Corporation accepted a $100,0000, 3 month note from a customer. the note earns 7% interest per year.

What is the amount of interest recorded by B Corporation at April. 31, Year 1?

Q2: If Sarah pays a $800 insurance premium for a one-year policy on March 31 for coverage from April 1 of Year through March 31 of Year 2, the journal entry to be made at the end of April, Year 1 would include a debit to Insurance Expense for what amount?