Q10 :June 1. Borrowed $150,000 from the bank on a 3-year Note Payable with 8% interest.

A: cash: 150,000

L: notes payable: 150,000

E: NE

Debit 150,000 cash

Credit 150,000 notes payable

Q18 :June 30. Clemons pays $1,000 for interest on the note borrowed on June 1, and half of the principal. (See #10- loan principal was $150,000.) 

A: (76,000) Cash

L: (75,000) Notes Payable (account name created in question 1o answer)

E: (1,000) Interest Expense (retained earnings)

Debit: 75,000 Notes Payable 

Debit: 1,000 Interest Expense

Credit: 76,000 Cash

Debit 150,000 cash

Credit 150,000 notes payable

Q27 :July 31. Record the adjusting entry related to the June 1 entry. Be sure to consider the payment on June 30

A: -$1000 (150,000 * 0.08 / 12) Cash

L: NE

E: -$1000 Interest Expense

Credit: Cash

Debit: Interest Expense

30.August 31. Clemons pays off the bank loan borrowed on June 1 along with interest due. (See Q10, Q18 and Q27)?