BEs3ontbeatl-assignment-takeinprogress-false Chart of Accounts General Journal Final Question Instructions On July 1. Paxson Corporation takes out a 1 2%, two-month, S50,000 loan at Friendly National Bank Princ pal and interest are to be repaid on August 31 Required: Prepare the journal entries for Juty 1 to record the borrowing, for July 31 to record the accrual of interest, and for August 3t to record repayment of the principal and interest 2. Evaluate the following statement: It would be much easier not to bother with an adjusting entry on July 31 and simply record interest expense on August 31 when the loan is repaid Previous k My Work