On June 1, 2020, ABC Company signed a $25,000, 120-day, 6% note payable to cover a past due account payable.

• What is the total amount of interest to be paid on this note?
• Prepare ABC Company’s general journal entry to record the issuance of the note payable
• Prepare ABC Company’s general journal entry to record the payment of the note on

September 29, 2020