Instructions X 141 Inwentory On July 1, 2016, Jo's Flower Shop borrowed $25,000 from the bank. Jo signed a ten-month, 8% promissory note for the entire amount Jo's uses a calendar year-end General Journal 1. Prepare the journal entry with the impact on the financial statements on wy 1 to record the issuance of the promissory note. Required: 1. Prepare the jumal entry on July 1 to record the issuance of the promissory note. 2. Prepare any adjusting entries needed at year-end. Genaral lawmal instructions 3. Prepare the foumal entry on May 1 to record the payment or principal and interest Chart of Accounts PAGE 1 IMPACT ON FINANCIAL STATEMENTS GENERAL JOURNAL CHART OF ACCOUNTS BALANCE SHEET INCOME STATEMENT Jo's Flower Shop DATE ACCOUNT TITLE POST: REF DEBIT CREDIT ASSETS LIABILITIEBQUITY REVENUEEXPENSESNESTE General Ledger 1 2 ASSETS REVENUE 111 Cash 411 Sales Revenue 121 Accounts Receivable 2. Prepare any adjusting entries with the impact on the financial statements needed at year-end. Assume a 360 day year for interest calculations. EXPENSES 152 Prepaid Insurance 500 Cost of Goods Sold 154 Supplies 521 Salaries and Wages PAGE 1 174 Equipment Expense IMPACT ON FINANCIAL STATEMENTS 179 Accumulated Depreciation GENERAL JOURNAL 532 Utilities Expense BALANCE SHEET INCOME STATEMENT 533 Insurance Expense LIABILITIES NET 534 Rent Expense DATE ACCOUNT TITLE CREDIT REF DEBIT ASSETS LIABILITIESQUITY REVENUEEXPENSESNCOME 211 Accounts Payable 537 Supplies Expense 1 Adjusting Entries 231 Salaries and Wages 541 Depreciation Expense 2 Payable 551 Advertising Expense 3 235 Notes Payable 559 Miscellaneous Expenses 238 Interest Payable 810 Interest Expense 261 Income Taxes Payable 910 Income Tax Expense 3. Prepare the journal entry with the impact on the financial statements on May 1 to record the payment of principal and interest. Assume a 360 day year for interest calculations. Round your answers to the nearest dollar EQUITY 311 Capital Stock 331 Retained Earrings PAGE 1 IMPACT ON FINANCIAL STATEMENTS GENERAL JOURNAL BALANCE SHEET INCOWE STATEMENT POST DATE ACCOUNT TITLE POST: REF DEBIT CREDIT ASSETS LIABILITIEQUITY REVENUEXPENSESNCOME 1 2 5 4