Southgate Inc. borrowed $30,000 on March 1, 2014, for 60 days at 10% interest by signing a note.

a) Determine the date the note matures, and calculate how much interest expense is generated by this note. Dates must be entered in the format dd/mmm (ie. 15/Jan). Round all values to two decimal places.

b) Prepare Southgate Inc.'s journal entries on March 1, 2014 and the maturity date. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan).

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