E3.8 ABC Co. received a $30,000 note receivable on June 1, 20x1 for services performed for a client. The note bears interest at 5% per year. The note will be paid off with interest to ABC Co. on September 1, 20X1. ABC Co.'s year end is December 31 each year. ABC Co. adjusts its books monthly. (a) What adjusting entries are needed on June 30, 20X1. July 31, 20X1, and August 31,20x12 (b) What is the entry needed to record ABC CO's receipt of the payment of principal and interest on September 1, 20X1