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On September 1 st , 2020, Jackson Inc. borrowed $3,000 cash from Simone Corp. Jackson signed a 6 month, 8% loan document. Jackson paid off

On September 1^st, 2020, Jackson Inc. borrowed $3,000 cash from Simone Corp. Jackson signed a 6 month, 8% loan document. Jackson paid off the loan plus interest in full on March 1^st, 2021. Both Jackson and Simone have December 31^st year-ends.

Prepare all journal entries for this loan for both companies from September 1^st, 2020 through March 1^st, 2021.

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