Accrued Expenses AJEs for Sky Company C. On August 1, 2019, the Sky Company borrowed $60,000 from a local bank and gave a three year 5% (annual interest rate) note. The interest on the note is due annually each July 31, beginning July 31, 2020. The principal on the note is due on July 31, 2022. Adjusting journal entry at 12/31/19: Date Debit Credit Interest Eppense Intongst palable L1250 100.00D X. 05 5) = 1250 21250 Journal entry at 7/31/20 to record the payment of the interest due on the note dated August 1, 2019: Date Debit Credit