Instructions Abusiness issued a 60-day note for $87,000 to a creditor on account. The note was discounted at 7%. Journalize the entries record (a) the issuance of the note and (b) the payment of the note at matunty Assume a 360-dey year. Refer to the Chart of Accounts for exact wording of account atles Round your answers to nearest whole dollar Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Accounts Recnivable 610 Interest Revenue 112 Interest Receivable 113 Notes Receivable EXPENSES 115 Inventory 510 Cost of Goods Sold 116 Supplies 118 Prepaid Insurance 120 Land 520 Salaries Expense 524 Depreciation Expense-Building 525 Delivery Expense 526 Repairs Expense 529 Selling Expenses 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation Office Equipment 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense LIABILITIES 210 Accounts Payable 534 Supplies Expense 535 Payroll Tax Expense 536 Vacation Pay Expense 213 Interest Payable 214 Notes Payable 537 Pension Expense 215 Salaries Payable 538 Cash Short and Over 216 Social Security Tax Payable 539 Product Warranty Expense 217 Medicare Tax Payable 540 Damage Awards and Fines 218 Employees Federal Income Tax Payable 541 Miscellaneous Expense 219 Employees State Income Tax Payable 710 Interest Expense 221 Retirement Savings Deductions Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable 226 Vacation Pay Payable 227 Unfunded Pension Liability 228 Product Warranty Payable 229 EPA Fines Payable 230 Litigation Claims Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary Journal a. Journalize the entries to record the issuance of the note on March 1. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to nearest whole dollar. PAGE 1 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT ACCOUNTING FOLIATION ASSETS LIABILITIES EQUITY 1 2 3 b. Journalize the entries to record the payment of the note at maturity. Assume a 360-day year. Refer to the Chart of Accounts for exact wording of account titles. PAGE 2 JOURNAL DATE DESCRIPTION ACCOUNTING FOLATION ASSETS LIABILITIES EQUITY POST. REF DEBIT CREDIT 1 2