Answer and Explanation:
 The journal entries are shown below
1. Cash Dr $50,500
         To Note payable $50,500
(Being the amount borrowed is recorded)                     
2. Cash Dr $61,200
         To Note payable $61,200
(Being the amount borrowed is recorded)           
3. Interest expense $2,020
          To Interest payable $2,020
(Being the interest expense is recorded)
The computation is shown below:
= $50,500 × 8% × 6 months ÷ 12 months 
= $2,020        
4. Interest expense $612
          To Interest payable $612
(Being the interest expense is recorded)
The computation is shown below:
= $61,200 × 6% × 2 months ÷ 12 months 
= $612     
5. Note payable $61,200
     Interest expense $306
    Interest payable $612 
           To Cash $62,118       ($61,200 + $918)
(Being the principal and the interest is recorded)
= $61,200 × 6% × 3 months ÷ 12 months 
= $2,020 
5. Note payable $50,500
     Interest expense $1,010
    Interest payable $2,020
           To Cash $62,118       ($50,500 + $3,030)
(Being the principal and the interest is recorded)
= $50,500 × 8% × 9 months ÷ 12 months 
= $3,030