Natalie is thinking of repaying all amounts outstanding to her grandmother. Recall that Cookie Creations borrowed $2,000 on November 16, 2020, from Natalies grandmother. Interest on the note is 9% per year, and the note plus interest was to be repaid in 24 months. Recall that a monthly adjusting journal entry was prepared for the months of November 2020 (1/2 month), December 2020, and January 2021.

Calculate the interest payable that was accrued and recorded up to January 31, 2021. (Round answer to 0 decimal places, e.g. 125.)

Interest payable

$enter interest payable in dollars rounded to 0 decimal places

eTextbook and Media

List of Accounts

Calculate the total interest expense and interest payable from February 1 to August 31, 2021. (Round answer to 0 decimal places, e.g. 125.)

Total interest expense and interest payable

$enter total interest expense and interest payable in dollars rounded to 0 decimal places

eTextbook and Media

List of Accounts

Prepare the journal entry at August 31, 2021, to bring the accounting records up to date. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answer to 0 decimal places, e.g. 125.)

Date	Account Titles and Explanation	Debit	Credit
Aug. 31	enter an account title for the journal entry on August 31	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on August 31	enter a debit amount	enter a credit amount

eTextbook and Media

List of Accounts

Natalie repays her grandmother on September 15, 202110 months after her grandmother extended the loan to Cookie Creations. Prepare the journal entry for the loan repayment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answer to 0 decimal places, e.g. 125.)

Date	Account Titles and Explanation	Debit	Credit
Sept. 15	enter an account title for the journal entry on September 15	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on September 15	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on September 15	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on September 15	enter a debit amount	enter a credit amount

10.1 Accounting for Current Liabilities