On December $1^{15},$ Just in Time borrowed $$60,000$ cash from First National Bank by signing a $60-$day, $8\%$ note payable.

Show your calculation for the note's total interest expense, interest expense at December $31$ and interest expense at January $30$:

Prepare the entry to record the issuance of the note on December $1$:

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Explain what is happening in this entry $($i$.$e$.$ By debiting account I am increasing that account and by crediting account I am decreasing that account$)$:

Prepare the journal entry to record the accrued interest on December $31$:

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Explain what is happening in this entry $($i$.$e$.$ By debiting $$ account I am increasing that account and by crediting $q,$ account I am decreasing that account$)$: