JUL. eluvertures FELIVESCOS OF $8,400 havance Tro y es Aug. 1 Great Adventures obtains a $31,low-interest loan for the company from the city council, which has recently passed an initiative encouraging business development related to outdoor activities. The loan is due in three years, and 6% annual interest is due each year on July 31. Aug. 4 The company purchases 14 kayaks, paying $12,100 cash Aug. 10 Twenty additional kayakers pay $3,800 ($190 each), in addition to the $8,400 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic. d e carnaval clinic and the company receives $11,200 cash. 0 2 3 4 5 Interest expense on the $31,000 loan obtained from the city council on August 1 should be recorded. Note: Enter debits before credits. Debit Credit Date General Journal Dec 31, 2021 Interest Expense interest Payable Record entry Clear entry View general journal