$|||$ Timeline

Notes Receivable $-$ Interest Revenue $($Chapter $7)$

EPL company loaned $$50,000$ to the Atwood Company on September $1$st$,$ Year$8.$

Terms of the note call for interest to be charged at $6\%.$ The money borrowed and interest

must be re$-$paid on Oct $31.$ Year $9.8/3//$

Draw the timeline shown above.

On which three dates should EPL company make journal entries?

Prepare the necessary journal entries for all three dates.