Blue Spruce Corp. borrows $\backslash$$$73,200$ on July $1$ from the bank by signing a $\backslash$$$73,200,10\backslash \%,1-$year note payable.

$($a$)$

Prepare the journal entry to record the proceeds of the note. $($Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

Date Account Titles and Explanation

Debit

Credit

July $1$

$($b$)$

Prepare the journal entry to record the accrued interest at December $31,$ assuming adjusting entries are made only at the end of the year. $($Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

Date

Account Titles and Explanation

Debit

Credit

Dec. $31$