On November 1, 2015 , Jake's Skateboards Store signed a $12,000, 3-month,5% note payable to cover a past due account payable. This company uses a calender year to report financial activity and updates the accounting records monthly.
A. What amount of total interest expense will the company pay on this note?
B. Prepare Jake's general journal entry to record the insurrance of the note payable.
C. Prepare the adjusting entry required at December 31,2015
C. Prepare Jake's general journal entry to record the payment of the note on Febuary 1, 2016
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