Journal options from drop down:

• No journal entry required
• Accounts payable
• Cash
• Current assets
• Deferred rent revenue
• Electric expense
• Electric payable
• FICA taxes payable
• FICA taxes payable - employees
• FICA taxes payable - employer
• Interest expense
• Interest payable
• Interest revenue
• Liability - deposit on trailer
• Liability for income taxes withheld - employees
• Liability for insurance premiums withheld - employees
• Note payable
• Payroll tax expense
• Property taxes payable
• Purchases
• Rent revenue
• Revenue
• Salary and wage expense
• Savings account
• Service revenue
• Unearned revenue
• Wages payable
• Warranty expense
• Warranty payable

E9-8 (Algo) Reporting Notes Payable and Calculating Interest Expense LO 9-3 0.5 points South End is one of the world's most popular outdoor apparel companies. Assume that South End borrows $3.0 million from U.S. Bank and signs a note promising to pay back the $3.0 million in eight months, at which time South End also will pay any accrued interest. The interest rate on the note is 8%. eBook Required: 1. Prepare the journal entry South End will record when it signs the note and receives the cash. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars not in millions (i.e., 1,000,000 not 1.0).) Hint View transaction list Print Journal entry worksheet References Record the eight-month note with an interest rate of 8%. Note: Enter debits before credits. Transaction General Journal 01 Debit Credit Record entry Clear entry View general journal 2. Prepare the journal entry that South End will record when it pays off the note and any accrued interest after eight months. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in whole dollars not in millions (.e., 1,000,000 not 1.0).) View transaction list Journal entry worksheet Record the payment of the note along with the accrued interest Note: Enter debits before credits. Transaction General Journal Debit Credit 02