Carfox company recently experienced a temporary delay in cash collections and needed to borrow$102,000 on November 1 of the current year to pay trade accounts payable. the six-month, 6% note and interest are due on May 1 of the following year. Carfox has a December 31 fiscal year-end. What are the required journal entries to record the issuance of the note, accrued interest, and the payment of principal and interest at maturity?
Finally, record the payment of principal and interest at maturity.