Chaloux Company borrowed $54,000 from National bank on September 1 for three months; 5% interest is payable the first of each month, starting October 1. Chalouxs year end is October 31 and the company records adjusting entries only at that time.

(c) Prepare journal entry to record the payment of the bank loan at maturity on December 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Cred