Accrue the interest on the short-term notes receivable. Calculate the interest on each note to the nearest cent.

Accrue the interest on the short-term notes receivable. Calculate the interest on each note to the nearest cent. Use the 360-day banker’s year for all interest computations and record a single adjusting entry for the short-term interest.Note Receivable One: $20,000, 8.5%, 60-day note, dated June 22