Fischer Company borrowed $60,000 from National bank on August 1 for three months; 5% interest is payable the first of each month, starting September 1. Fischers year end is September 30 and the company records adjusting entries only at that time.

Prepare journal entry to record the receipt of the bank loan on August 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Cred August 1 Cash 60000 Bank Loan Payable Prepare journal entries to record: (1) the payment of interest on September 1. (2) the accrual of interest expense on September 30, (3) the payment of interest on October 1, and (4) the payment of interest on November 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit