Instructions On March 1, 2020 Giant Jumbo Clown Costumes borrowed money from Second Friendly National Bank by issuing a $125,000, 180-day, non-interest bearing note. The note was discounted on a 13.5% basis. Assume 360 days in a year. Required: Compute the following: 1. How much money did Giant Jumbo receive? 2. What was the total amount of interest paid? 3. What is the effective 180-day interest rate on this note payable? 4. What is the approximate annual effective interest rate on this note payable? 5. Record the journal entry(ies) for the issuance of the note. Chart of Accounts First Questions CHART OF ACCOUNTS 1. How much money did Giant Jumbo receive? Giant Jumbo Clown Costumes General Ledger Additional Instruction ASSETS 111 Cash 121 Accounts Receivable 141 Inventory REVENUE 411 Sales Revenue EXPENSES 500 Cost of Goods Sold $ 2. What was the total amount of interest paid? 152 Prepaid Insurance Additional Instruction LIABILITIES 211 Accounts Payable 511 Insurance Expense 512 Utilities Expense 513 Delivery Expense $ 224 Interest Payable 231 Salaries Payable 260 Notes Payable 515 Supplies Expense 3. What is the effective 180-day interest rate on this note payable? 521 Salaries Expense 532 Bad Debt Expense Additional Instruction 261 Discount on Notes Payable 536 Advertising Expense % EQUITY 311 Common Stock 331 Retained Earnings 540 Interest Expense 559 Miscellaneous Expense 4. What is the approximate annual effective interest rate on this note payable? Additional Instruction % X General Journal 5. Record the journal entry for the issuance of the note. General Journal Instructions PAGE 1 GENERAL JOURNAL POST. REF. DEBIT CREDIT DATE ACCOUNT TITLE 1 2 3 X