Adjusting Entries for Interest The following note transactions occurred during the year for Towne Company: Nov. 25 Towne issued a 90-day, nine percent note payable for $8,000 to Hyatt Company for merchandise. Dec. 7 Towne signed a 120-day, $30,000 note at the bank at ten percent. Dec. 22 Towne gave Barr, Inc., a $12,000, four percent, 60-day note in payment of account. Prepare the general journal entries necessary to adjust the interest accounts at December 31. Use 360 days for calculations and round to the nearest dollar. Debit Credit General Journal Date Description Dec 31 Interest Expense Interest Payable To accrue interest expense for note issued on Nov. 25. Dec.31 Interest Expense Interest Payable To accrue interest expense for note signed on Dec. 7. Dec.31 Interest Expense Interest Payable To accrue interest expense for note on Dec. 22