Note Given to Extend Credit Period On October 30, 2007, Matrix, Inc. pays the note plus interest to Carter GENERAL JOURNAL PAGE 1 CREDIT DEBIT PR. DESCRIPTION DATE Face Value Equals Amount Borrowed On September 1, 2008, Jackson Smith borrows $45,000 from American Bank. The note bears interest at 90% per year. Principal and interest are due in 60 days (November 30, 2008). GENERAL JOURNAL PAGE 1 CREDIT DEBIT DESCRIPTION PR. DATE Health and Pension Benefits Assume an employer agrees to pay an amount for medical insurance equal to $50,000, and contribute an additional 14% of the employees, $150,000 gross salary to a retirement program