On August 1, Taylor Company lent $80,000 to L. King on a 90-day, 5% note. 12. 13. Journalize for Taylor Company the lending of the money on August 1. Journalize the collection of the principal and interest at maturity. Specify the date. Round interest to the nearest dollar. 12. Journalize for Taylor Company the lending of the money on August 1. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table. For notes stated in days, use a 365-day year.) Date Accounts and Explanation Debit Credit Aug. 1 13. Journalize the collection of the principal and interest at maturity. Specify the date. Round interest to the nearest dollar. Date Accounts and Explanation Debit Credit