Concord Construction Ltd. borrowed $340,000 from Atco Finance Ltd. on October 1, 2020, by issuing a nine-month note payable at 8% interest payable at maturity. Both companies have a December 31 year end and make adjusting entries annually, (a) Your Answer Correct Answer Your answer is partially correct. For Concord Construction, record (1) the receipt of the $340,000 cash and the issuing of the note payable on October 1, 2020 (2) the accrual of interest on December 31, 2020; and (3) the payment of the note and interest on July 1, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries) Account Titles and Explanation Debit Credit 020 Cash 340,000 Notes Payable 340.000 2020 Interest Expense 4,250 Interest Payable 4.250 021 Interest Expense 8,500 Interest Payable 81300 97 8.06 / 20 Account Titles and Explanation Debit Credit Cash 340,000 Notes Payable 340,000 Interest Expense 4,250 Interest Payable 4,250 Interest Expense 8,500 Interest Payable 8.500 (To record interest) Interest Payable Notes Payable 340,000 Cash 340,000 (To record repayment of bank loan) ook and Media on Accounts