Note Payable and Accrued Interest Labels and Amount Descriptions Instructions General Journal Chart of Accounts Balance Sheet X Instructions Ellsworth Enterprises borrowed $425,000 on an 8 %. interest-bearing note on September 30, 2020. Ellsworth ends its fiscal year on December 31. The note was paid with interest on March 31, 2021 Required: 1. Prepare the entry for this note on September 30, 2020 2. Prepare the adjusting entry for this note on December 31, 2020 3. Indicate how the note and the accrued interest would appear on the balance sheet at December 31, 2020. 4. Prepare the entry to record the repayment of the note on March 31, 2021 Note Payable and Accrued Interest Labels and Amount Descriptions Instructions Chart of Accounts General Journal Balance Sheet General Journal 1. Prepare the entry for this note on September 30, 2020. PAGE 1 IMPACT ON FINANCIAL STATEMENTS GENERAL JOURNAL INCOME STATEMENT BALANCE SHEET ACCOUNT TITLE CREDIT LIABILITIES DATE POST, REF DEBIT ASSETS EQUITY REVENUE EXPENSES NET INCOME 2 2. Prepare the adjusting entry for this note on December 31, 2020. PAGE IMPACT ON FINANCIAL STATEMENTS GENERAL JOURNAL BALANCE SHEET INCOME STATEMENT LIABILITIES DATE ACCOUNT TITLE POST. REF DEBIT CREDIT ASSETS EQUITY REVENUE EXPENSES NET INCOME Adjusting Entries 1 2 3 4. Prepare the entry to record the repayment of the note on March 31, 2021 PAGE 1 IMPACT ON FINANCIAL STATEMENTS GENERAL JOURNAL BALANCE SHEET INCOME STATEMENT ACCOUNT TITLE POST, REF ASSETS EXPENSES DATE DEBIT CREDIT LIABILITIES EQUITY REVENUE NET INCOME 1 3 4 e Balance Sheet 3. Indicate how the note and the accrued interest would appear on the balance sheet at December 31, 2020. Balance Sheet Instructions Ellsworth Enterprises Balance Sheet (Label) 1 Label) 2