Adjusting Entries for Interest The following note transactions occurred during the year for Towell Company Towell issued a 60-day, nine percent note payable for $8,000 to Hyatt Company for merchandise Nov. 25 Dec. 7 Towell signed a 120-day, $15,000 note at the bank at ten percent. Dec 22 Towell gave Barr, Inc., a $12,000, eight 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 General Journal Date Description Debit Credit 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.3 nterest Expense Interest Payable To accrue interest expense for note on Dec. 22