Question: May 1, 2016 Interest Expense $120 Consider the following note payable transactions of Concert Video Productions. 2015 May 1 Purchased equipment costing $12,000 by issuing

May 1, 2016 Interest Expense $120

Consider the following note payable transactions of Concert Video Productions.

2015

May 1

Purchased equipment costing $12,000 by issuing one-year, 3% note payable.

Dec. 31

Accrued interest on the note payable.

2016

May 1

Paid the note payable plus interest at maturity.

Journalize the transactions for the company.

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