On December 1, 2017, Roper Corp. accepted a two-month, $24,000 interest-bearing note from a customer in payment of an account receivable. On December 31, 2017, Roper made an adjustment with the following effect on the accounting equation:

Required
1. What is the interest rate on the note? Explain your answer.
2. Identify and analyze the transaction recorded on January 31, 2018, when the company collects the principal and interest on the note?

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Identify and ACTIVITY: Operating ACCOUNTS: Interest Receivable Increase Interest Revenue Increase Balance Sheet Income Statement STOCKHOLDERS EQUITY NET ASSETS LIABILITIES + REVENUES EXPENSESINCOME Interest 200Interest 200 Receivable 200 200