On February 1, 2023, Red Ball signed a note payable for $30,000. The note bears an interest rate of 2.5% per annum and is due in two years. Red Ball has a December 31 year end. The partial principal of $15,000 plus interest is payable every January 31. Prepare the necessary journal entries from February 1, 2023, to January 31, 2025. Date Account Title and Explanation Debit Credit Feb 1, 2023 notes payable 30,000 cash 30,000 To borrow $30,000 note payable over two years Dec 31, 2023 interest expense 688 accumulated interest 688 To record interest accrued ($30,000 2.5% 11/12) Jan 31, 2024 To record the