On June $1,$ Sandhill company borrows $49,000$ from the bank signing a $60-$day, $6\%,$ interest$-$bearing note

$($b$)$

Prepare any adjusting entries necessary on June $30$ in order to prepare the monthly financial statements. Assume no other interest accrual entries have been made. Calculate the interest expense on monthly basis. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Date Account Titles and Explanation

Debit

Credit

June $30$