On December 1, 2014, Roper Corp. accepted a two-month, $24,000 interest-bearing note from a customer in payment of an account receivable. On December 31, 2014, Roper made the following adjusting entry:

Required
1. What is the interest rate on the note? Explain your answer.
2. Prepare the entry on Roper€™s books on January 31, 2015, when the company collects the principal and interest on the note.

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2014 Dec. 31 Interest Receivable Interest Revenue To record interest eamed for one month on a $24,000 note. Journal 200 200 Entry Analysis Balance Sheet Income Statement STOCKHOLDERS" NET LIABILITIES REVENUES INCOME - EXPENSES ASSETS EQUITY 200 Interest Receivable 200 Interest Revenue 200 200