On the last day of October, Thornton Company borrows $60,000 on a bank note for 60 days at 12 percent interest. Interest is not included in the face amount. Prepare the following entries in journal form: (1) October 31, recording of note; (2) November 30, accrual of interest expense; and

(3) December 30, payment of note plus interest.

Sales and Excise Taxes