Question: Belson Prus, Inc. borrowed 5705,000 by issuing an 11-month note on May 1 of the current fiscal year. The note is due on April 1

Belson Prus, Inc. borrowed 5705,000 by issuing an 11-month note on May 1 of the current fiscal year. The note is due on April 1 of the following fiscal year. The short-term note carries a 10% annual interest rate with interest due at maturity. The company's fiscal year ends on December 31. Prepare the journal entries on May 1 and Deco 31 of the current year Prepare the journal entry to record the note payable on May 1 (Record debits first, then credits. Exclude explanations from any journal entries.) Account May 1 (current year)

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