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PRACTICE PROBLEM On July 1, 2018, Amy Inc. issues a Note Payable for $50,000 cash. The loan is a 3.75% interest loan due in nine

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PRACTICE PROBLEM On July 1, 2018, Amy Inc. issues a Note Payable for $50,000 cash. The loan is a 3.75% interest loan due in nine months. Blanc Inc. uses a calendar year for their books (so January 1 to December 31). Create journal entries for the following: (A) the issuance of the note, (B) the interest accrual on December 31, and (C) the repayment of the

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