Sue’s Mediation League (SML) engaged in the following transactions in 2000:
1. On January 1, SML borrowed $250,000 at nine percent per year with interest due quarterly.
2. SML paid $1,000 to a good friend who helped obtain the loan.
3. SML had not yet paid any interest after the loan had been in effect for three months.
4. On June 30, SML paid the interest due.
5. On July 1, SML renegotiated the terms of the loan, which decreased the interest rate to six percent per year.
6. At the end of September, Sue paid the interest on the loan from her personal account.
7. At the end of December, SML accrued the interest due.
8. On January 1, 2001, SML paid the interest due to the lender and to Sue’s personal account.
Required
a. Prepare the journal entries to record these transactions.
b. Post all journal entries to T-accounts.
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