Spielberg Co. borrowed $12,000 from the bank on November 1, 2011. The note carries an annual interest rate of 10%. The note matures in 90 days. Interest started accruing on November 2, 2011. Principal and interest are payable at maturity. Record the following journal entries I have filled in the accounts for you. You only need to fill in the amounts. Remember, interest is calculated as principal x rate x time. By December 31, 2011, 60 days of interest need to be accrued. Assume a 360 day year. Record the loan being taken out from the bank. journal entry Debit Accounts Credit Cash Notes Payable Record the interest accrual at December 31, 2011. journal entry Debit Credit Accounts Interest Expense Interest Payable Record the repayment of the loan including all interest at January 30th, 2012. journal entry Debit Credit Accounts Interest Payable Interest Expense Note Payable Cash