QUESTION 13 A loan in the amount of $200,000 with 12% interest was taken out on June 1st a) Calculate the interest for December 31. (Hint: From June 1 - Dec 31 -- use your fingers) Note Payable Entries b) Prepare the journal entry for the issuance of the Note Payable. c) Prepare the adjusting journal entry for interest expense (HINT: found amount in a) QUESTION 14 Debts owed by a business are referred to as: a. accounts receivable b. liabilities c. owner's equity d. expenses