Ellsworth Enterprises borrowed $478,000 on an 9%, interest-bearing note on September 30, 2020. Ellsworth ends its fiscal year on December 31. The note was paid with interest on March 31, 2021 Required: 1. Prepare the entry far tras note on September 30, 2020 2. Prepare the adjusting entry for this note on December 31, 2020 3. Indicate how the note and the accrued interest would appear on the balance sheet at December 31, 2020. 4. Prepare the entry to record the repayment of the note on March 31, 2021 Chart of Accounts CHART OF ACCOUNTS Ellsworth Enterprises General Ledger ASSETS REVENUE 111 Cash 411 Sales Revenue 112 Petty Cash 412 Service Revenue 121 Accounts Receivable 413 Interest Income 414 Rent Revenue EXPENSES 511 Cost of Goods Sold 123 Allowance for Doubtful Accounts 124 Notes Receivable 125 Supplies 126 Prepaid Insurance 127 Prepaid Rent 128 Inventory 129 Interest Receivable 130 Investment 131 Land 132 Buildings 133 Equipment 134 Furniture 512 Advertising Expense 513 Supplies Expense 514 Utilities Expense 515 Insurance Expense 516 Repairs and Maintenance Expense 517 Bad Debt Expense 518 Rent Expense 519 Warranty Expense 521 Wages Expense 523 Commissions Expense 524 Social Security Taxes Expense 525 Medicare Taxes Expense 526 Federal Unemployment Taxes Expense 527 State Unemployment Taxes Expense 531 Interest Expense 541 Amortization Expense 135 Trucks 139 Accumulated Depreciation LIABILITIES 211 Accounts Payable 212 Utilities Payable 213 Insurance Payable 214 Interest Payable 215 Warranty Liability 542 Depreciation Expense 551 Income Taxes Expense 552 Property Taxes Expense 216 Income Taxes Payable 221 Excise Taxes Payable (Federal) 222 Excise Taxes Payable (State) 223 Property Taxes Payable 224 Sales Taxes Payable (State) 231 Wages Payable 233 Short-Term Notes Payable 234 Federal Income Taxes Withholding Payable 235 State Income Taxes Withholding Payable 236 Social Security Taxes Payable 237 Medicare Taxes Payable 238 Charitable Contributions Payable 239 Union Dues Payable 241 Federal Unemployment Taxes Payable 242 State Unemployment Taxes Payable 251 Unearned Sales Revenue 252 Unearned Rent Revenue 261 Bonds Payable 262 Notes Payable EQUITY EQUITY 311 Common Stock 321 Retained Earnings 331 Dividends Labels and Amount Descriptions Labels Among the current liabilities Current assets December 31, 2020 For the year ended December 31, 2020 Stockholders' equity Amount Descriptions Total assets Total current assets Total liabilities Total liabilities and stockholders' equity Total stockholders' equity 1. Prepare the entry for this note on September 30, 2020 GENERAL JOURNAL DATE ACCOUNT TITLE POST REF DEBIT CREDIT ASSETS 2. Prepare the adjusting entry for this note on December 31, 2020 GENERAL JOURNAL DATE POST REE DEBIT CREDIT ASSETS ACCOUNT TITLE Adjusting Entries 4. Prepare the entry to record the repayment of the note on March 31, 2021 GENERAL JOURNAL ACCOUNT TITLE DATE POST. REF DEBIT CREDIT ASSETS 1 2 Balance Sheet 3. Indicate how the note and the accrued interest would appear on the balance sheet at December 31, 2020. Balance Sheet Instructions Balance Sheet 3. Indicate how the note and the accrued interest would appear on the balance sheet at December 31, 2020. Balance Sheet Instructions Ellsworth Enterprises