149. On January 2nd, Premier Sales borrows $13,500 cash on a note payable from Trusted Lenders with terms 90 days, 12%. Premier Sales and Trusted Lenders uses a 360-day year for interest calculations....

149. On January 2nd, Premier Sales borrows $13,500 cash on a note payable from Trusted Lenders with terms 90 days, 12%. Premier Sales and Trusted Lenders uses a 360-day year for interest calculations. Premier Sales makes adjusting entries at the end of each calendar quarter. Journalize the initiation of the loan, the recognition of interest expense for the quarter and the payment of the note on its due date.

150. On July 1st, Premier Sales borrows $25,000 cash 10%, 180-day note payable from Trusted Lenders. Premier Sales and Trusted Lenders uses a 360-day year for interest calculations. Premier Sales makes adjusting entries at the end of each calendar quarter. Journalize the initiation of the loan, the recognition of interest expense for the quarters and the payment of the note on its due date.