Included in Carville Corp.'s December 31, 2014 trial balance is a note payable of $20,000. The note

Question:

Included in Carville Corp.'s December 31, 2014 trial balance is a note payable of $20,000. The note is an eight-month, 12% note dated October I, 2014. Prepare Carville's December 31, 2014 adjusting entry to record the accrued interest, and June I, 2015 journal entry to record payment of principal and interest due to the lender.