Romez Limited borrowed $60,000 from National bank on July 1 for three months; 5% interest is payable the first of each month, starting August 1. Romez's year end is August 31 and the company records adjusting entries only at that time. (a) Your answer has been saved. See score details after the due date. Prepare the journal entry that National Bank would record, assuming it makes adjusting entries monthly, for the payment of the bank loan to Romez Limited on July 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Debit Credit Date July 1 Account Titles and Explanation Cash 60,000 Bank Loan Payable Prepare journal entries that National Bank would record for: (1) the receipt of interest on August 1. (2) the accrual of interest income on August 31, (3) the receipt of interest on September 1, and (4) the receipt of interest on October 1. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit August 31 Interest Expense 250 Interest Payable October 1