(Answered) Prepare journal entries for the following transactions

Accounting

Prepare journal entries for the following transactions involving notes payable for Saunders Company,whose fiscal year ends June 30. Omit explanations.

June 20 Paid a trade account payable with a 90-day, 10 percent $50,000 note. Interest is in addition to the face value.30 Made end-of-year adjusting entry to accrue interest expense for the note. 30 Made end-of-year closing entry pertaining to interest expense.Sept. 18 Paid amount due on note, plus interest.

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