Rabbitt Enterprises borrows $10,500 from LowLand Trust Co. on May 1, 2014, signing a 10-month, 4% note

Question:

Rabbitt Enterprises borrows $10,500 from LowLand Trust Co. on May 1, 2014, signing a 10-month, 4% note payable. Interest is payable the first of each month, starting June 1. Prepare journal entries for Rabbitt Enterprises to record:
(a) The receipt of the proceeds of the note;
(b) The first interest payment;
(c) An adjusting entry, if required, at Rabbitt's year end, August 31, 2014;
(d) The payment of the note at maturity.