Information subject to be on Quiz #4 - Notes payable and Interest Accrual For example: On September 1, 2022, XYZ issued a note to the bank for $25,000. The note is due September 1, 2023 with interest at 7.5%. Sept 1, 2022: JE for issue of note (i.e. borrow money). Dec. 31, 2022: AJE at the company's 12/31 fiscal year-end to accrue interest on the Note (show calculation) Sept. 1, 2023: JE for repayment of note and interest. Short Answer: 1) Who is the "issuer" of a note. 2) Why is an interest accrual needed at fiscal year-end and what purpose does it serve?