Problem: On June 1, 2019, ABC Company signed a $25,000, 120-day, 6% note payable to cover a past due account payable. Please answer the below three questions.
Q1. What is the total amount of interest to be paid on this note?
Q2. Show the ABC Company's general journal entry to record the issuance of the note payable
Q3. Show the ABC Company's general journal entry to record the payment of the note on September 29, 2019.
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