On October 1, Ken’s Painting Service borrows $50000 from National Bank on a 3-month, $50000, 4% note.

On October 1, Ken’s Painting Service borrows $50000 from National Bank on a 3-month, $50000, 4% note. The entry by Ken’s Painting Service to record payment of the note and accrued interest on January 1 is

Question:On October 1, Ken’s Painting Service borrows $50000 from National Bank on a 3-month,$50000, 4% note. The entry by Ken’s Painting Service to record payment of the note andaccrued…