Jesse Company adjusts its accounts monthly and closes its accounts on December 31. On October 31 , year 1 , Jesse Company signed a note payable and borrowed $130,000 from a bank for a period of six months at an annual interest rate of 6 percent. a. How much is the total interest expense over the life of the note? How much is the monthly interest expense? (Assume equal amounts of interest expense each month.) b. In the company's annual balance sheet at December 31 , year 1 , what is the amount of the liability to the bank? c. \& d. Prepare the journal entry to record issuance of the note payable on October 31 , year 1 and the adjusting entry to accrue interest on the note at December 31 , year 1. e. Assume the company prepared a balance sheet at March 31, year 2. State the amount of the liability to the bank at this date. Complete this question by entering your answers in the tabs below. How much is the total interest expense over the life of the note? How much is the mont amounts of interest expense each month.) (Do not round intermediate calculations and dollar amount.) Jesse Company adjusts its accounts monthly and closes its accounts on December 31. On October 31, year 1 , Jesse Company signed a note payable and borrowed $130,000 from a bank for a period of six months at an annual interest rate of 6 percent. a. How much is the total interest expense over the life of the note? How much is the monthly interest expense? (Assume equal amounts of interest expense each month.) b. In the company's annual balance sheet at December 31 , year 1 , what is the amount of the liability to the bank? c. \& d. Prepare the journal entry to record issuance of the note payable on October 31 , year 1 and the adjusting entry to accrue interest on the note at December 31 , year 1. e. Assume the company prepared a balance sheet at March 31, year 2. State the amount of the liability to the bank at this date. Complete this question by entering your answers in the tabs below. In the company's annual balance sheet at December 31 , year 1 , what is the amount of Prepare the journal entry to record issuance of the note payable on October 31 , year 1 and the adjusting eatry to accrue interest on the note at December 31, year 1 . (If no entry is required for a transaction/event, select "No journal entry required" in the first account fiela Do not round intermediate calculations and round your final answer to nearest dollar amount.) Journal entry worksheet Record the entry for borrowing from bank a six-month loan with interest at 6% a year. Note: Enter debits before credits. Jesse Company adjusts its accounts monthly and closes its accounts on December 31 , On October 31 , year 1 , Jesse Company signed a note payable and borrowed $130,000 from a bank for a period of six months at an annual interest rate of 6 percent. a. How much is the total interest expense over the life of the note? How much is the monthly interest expense? (Assume equal amounts of interest expense each month.) b. In the company's annual balance sheet at December 31 , year 1 , what is the amount of the llability to the bank? c. \& d. Prepare the journal entry to record issuance of the note payable on October 31 , year 1 and the adjusting entry to accrue interest on the note at December 31 , year 1 . e. Assume the company prepared a balance sheet at March 31, year 2. State the amount of the liability to the bank at this date, Complete this question by entering your answers in the tabs below. Assume the company prepared a balance sheet at March 31, year 2. State the amount of the liability to the bank at this date
