%EF11-15 (similar to) QUE Consider the following note payable transactions of Concert Video Productions (Click the icon to view the transactions) Journalize the transactions for the company. (Record debits first, then credito. Select the explanation on the last line of the journal entry table.) Aug. 1, 2023: Purchased equipment costing $24,000 by issuing a one-year, 6% note payable. Date Accounts and Explanation Debit Credit 2023 Aug. 1 24,000 Equipment Notes Payable 24,000 Purchased equipment in exchange for one-year, 6% note. Debit Credit Dec 31, 2023: Accrued interest on the note payable. Date Accounts and Explanation 2023 Dec. 31 Interest Expense Interest Payable Accrued interest expense at year-end ased equipment costing $24.000 by issuing a one year, 6% note payable. Accounts and Explanation Debit Credit ent 24,000 as Payable 24,000 ced equipment in exchange for one year, 6% note Jed interest on the note payable. Accounts and Explanation Debit Credit Expense Payable More Info interest ex Aug. 1, 2023 Dec. 31, 2023 Aug 1, 2024 Purchased equipment costing $24,000 by issuing a one year, 6% note payable. Accrued interest on the note payable. Paid the note payable plus interest at maturity Print Done