Hop-Flop Inc. has the following accounts listed in its ledger:

• Cash
• Notes Payable
• Interest Payable
• Interest Expense

On June 1, 2021, Beerbo loaned Hop-Flop Inc. $10,000 at 6% annual interest. The journal entry Hop-Flop recorded was as follows:

DR. Cash................................................................................ $10,000

CR. Notes Payable............................................................................. $10,000

Assume interest is calculated on a monthly basis and is to be paid (by Hop-Flop) at the maturity date (last day of the final month). Assume also that Hop-Flop has a December 31 fiscal year-end. For each scenario below, answer the questions from Hop-Flops perspective.

16. 1.a.i) What is the journal entry at the maturity date? (leave cells blank as necessary)

ACCOUNT	DR ($)	CR ($)