Company: Nov. 25 Towne issued a 90-day, nine percent note payable for $8,000 to Hyatt Company for merchandise. Dec. 7 Towne signed a 120-day, $30,000 note at the bank at ten percent. 22 Towne gave Barr, Inc., a $12,000, four percent, 60-day note in payment of account Prepare the general journal entries necessary to adjust the interest accounts at December 31. E10- 01 E10-4A. Adjusting Entries for Interest The following note transactions occurred during the year for Town