Adjusting Entries for interest The following note transactions occurred during the year for Towell Company: Nov. 10 Towell issued a 90-day, 9% note payable for $8,000 to Hyatt Company for merchandise. Dec 1 Towell signed a 120 day, 10% note at the bank for $12,000. Dec. 20 Towell gave Barr, Inc. a 60-day, 10%, 512,000 note for 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. General Journal Description Debit Credit Dec. 31 Date To accrue interest expense for note issued on Nov. 10, Dec.31 To accrue interest expense for note signed on Dec. 1. Dec.31 e To accrue interest expense for note on Dec. 20