The following note transactions occurred during the year for Towell Company:

Nov.	25	Towell issued a 60-day, nine percent note payable for $8,000 to Hyatt Company for merchandise.
Dec.	7	Towell signed a 120-day, $15,000 note at the bank at ten percent.
Dec .	22	Towell gave Barr, Inc., a $12,000, eight percent, 60-day note in payment of account.

Prepare the general journal entries necessary to adjust the interest accounts at December 31. Use 360 days for calculations and round to the nearest dollar.

General Journal
Date	Description	Debit	Credit
Dec.31	AnswerInterest PayableInterest Expense	Answer	Answer
	AnswerInterest PayableInterest Expense	Answer	Answer
	To accrue interest expense for note issued on Nov. 25.
Dec.31	AnswerInterest PayableInterest Expense	Answer	Answer
	AnswerInterest PayableInterest Expense	Answer	Answer
	To accrue interest expense for note signed on Dec. 7.
Dec.31	AnswerInterest PayableInterest Expense	Answer	Answer
	AnswerInterest PayableInterest Expense	Answer	Answer
	To accrue interest expense for note on Dec. 22.