Journal entries for notes receivable and notes payable. Corner Grocery Store borrows

$100,000 from Citizen's Bank on December 1, Year 12, using a 90-day note as evidence of the loan. The note bears interest at an annual rate of 6 percent and is due on March 1 , Year 13. Both firms use the calendar year as their reporting period.

a. Present journal entries for the Corner Grocery Store from December 1 , Year 1 2, through payment at maturity. Assume each calendar month contains 30 days.

b. Present journal entries for Citizen's Bank from December 1, Year 12, through repayment at maturity.