2017 Aug 1 Purchased equipment costing $30,000 by issuing a one-year, 3% note payable. Dec. 31 Accrued interest on the note payable. 2018 Aug. 1 Paid the note payable plus interest at maturity. Aug. 1, 2017: Purchased equipment costing $30,000 by issuing a one-year, 3% note payable. Date Accounts and Explanation Debit Credit 2017 Aug. 1 Dec. 31, 2017: Accrued interest on the note payable. Date Accounts and Explanation Debit Credit 2017 Dec. 31 Aug. 1, 2018: Paid the note payable plus interest at maturity. Date Accounts and Explanation Debit Credit 2018 Aug 1