1. On June 1, Jasper Company signed a $50,000, 120-day, 6% note payable to cover a past due account payable. The company closed their books every sixty days. Points 10 a. What amount of interest expense on this note should Jasper report on July 31? b. Prepare Jasper's journal entry to record the issuance of the note payable. c. Prepare Jasper's adjusting journal entry at the end of the July 31. d. Prepare Jasper's journal entry to record the payment of the note on September 30 of the following year.

1. On June 1, Jasper Company signed a $50.000, 120-day, 6% note payable to cover a past due account payable. The company closed their books every sixty days. a. What amount of interest expense on this note should Jasper report on July 31? b. Prepare Jasper's journal entry to record the issuance of the note payable. c. Prepare Jasper's adjusting journal entry at the end of the July 31. d. Prepare Jasper's journal entry to record the payment of the note on September 30 of the following year