Question: There were two loans with activity during 2016. a. Note amount #1, $18,000. Annual interest rate of 6%. Interest was accrued monthly. Loan date: June

There were two loans with activity during 2016. a. Note amount #1, $18,000. Annual interest rate of 6%. Interest was accrued monthly. Loan date: June 1, 2011. The loan and all accrued loan interest was paid off on June 1, 2016. b. Note amount #2, $36,000. Annual interest rate of 5%. Interest is accrued monthly. Loan date: May 1, 2016. The loan and all accrued interest is due on May 1, 2021.

What are the Journal Entries for the above?

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