Keesha Co. borrows $255,000 cash on November 1, 2015, by signing a 180-day, 10% note with a face value of $255,000.

Prepare journal entries to record (a) issuance of the note, (b) accrual of interest at the end of 2015, and (c) payment of the note at maturity. (Use 360 days a year. Do not round intermediate calculations.)

No	Transaction	General Journal	Debit	Credit
1	(a)	Cash	255,000
1		Notes payable		255,000
2	(b)	Interest expense	4,249
2		Interest payable		4,249
3	(c)	Notes payable
3		Interest payable
3		Interest expense
3		Cash