Dougald Construction Ltd. borrowed $250,000 from Atco Finance Ltd. on October 1, 2020, by issuing a nine-month note payable at 5% interest payable at maturity. Both companies have a December 31 year end and make adjusting entries annually. (a) For Dougald Construction, record (1) the receipt of the $250,000 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) \begin{tabular}{|l|l|r|} \hline Dec 31,2020 & Interest Expense & 3,125 \\ \hline Interest Payable & \\ \hline July 1,2021 & Interest Expense & 250,000 \\ \hline & Interest Payable & \\ \hline \end{tabular} (To record interest) Interest Payable Interest Payable (To record interest) Interest Expense Interest Payable Cash (To record repayment of bank loan) and Media ounts Last saved 20 hours ago. Attempts: 0 of 1 used Submit