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Natalie is thinking of repaying all amounts outstanding to her grandmother. Recall that Cookie Creations...

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Accounting

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Natalie is thinking of repaying all amounts outstanding to her grandmother. Recall that Cookie Creations borrowed $2,000 on November 16,2019, from Natalie's grandmother. Interest on the note is 6% pervear, and the note plus interest was to be repald in 24 monthis. Recall that a monthly adjusting journal entry was prepared for the months of November 2019 (1/2 month), December 2019. and January 2020. (a) Calculate the interest payable that was accrued and recorded to July 31,2020, assuming monthly adjusting entries were made. Interest payable Prepare the journal entry at August 31,2020, to record one month's accrued interest. (Credit account titles are automatically indented when amount is entered Do not indent monually) Natalie repays her grandmother on September 15, 2020-10 months after her grandmother extended the loan to Cookie Creations, Prepare the journal entry for the loan repayment. FCredit account titfes are autamatically indented when amount is entered. Donot indent manuallys)

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