Banjo Corporations accountant recorded the following transactions during December 2020:

Date	Transaction
December 1	Obtained $800,000 loan from the local bank which prepared a promissory note and deposited the entire amount into Banjos account.
December 12	Sold merchandise inventory, costing $480,000, for $620,000. The credit terms were 3/10; n30.
December 20	Customer returned 5% of the goods purchased and paid the balance owed to Banjo.
December 31	Accrued monthly interest expense, $125; paid accumulated quarterly interest.

Required:

Prepare all the required journal entries in order of date; in parentheses, show the effect on the accounting equation. If a journal entry is not required, please explain why it is not required.