Chance Corporation established a $500,000 credit line on May 1, 2018. The interest rate is 8% and the terms require that interest be paid on the last date of every month. The company borrowed $10,000 on

July 1, and 20,000 on Sept 1. The company repaid $25,000 on October 1. Make all necessary journal entries for 5/1-10/31/18.