Crane Limited borrowed $$88,800$ from National Limited on July $1$ and issued a three$-$month note payable at $6\%$ due at maturity on October $1.$ Crane's year end is August $31$ and the company records adjusting entries only at that time.

$($a$)$

Prepare the journal entry to record the receipt of $$88,800$ cash and the issue of the note on July $1.($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List debit entry before credit entry.$)$

Date Account Titles

Debit

Credit

July $1$