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M$10-6($Algo$)$ Recording Notes Payable $[$LO $10-2]$

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$[$The following information applies to the questions displayed below.$]$

Greener Pastures Corporation borrowed $$1,550,000$ on November $1,2024.$ The note carried a $9$ percent interest rate with the principal and interest payable on June $1,2025.$

The note issued on November $1.$

The interest accrual on December $31.$

M$10-6($Algo$)$ Part $1$

Required:

$1.$ Indicate the effects of the amounts for the above transactions. If a transaction affects a temporary account, include the account name under "Temporary Accounts" and the financial effect under $"$NI$."$ Do not enter an amount under "Stockholders' Equity" for these transactions; their impact on stockholders' equity will occur later when the temporary accounts are closed at year$-$end. Do not enter No Effect $($NE$)$ or zero for any cells without an effect for each transaction despite what may be shown in textbook demonstration cases as these cells should be left blank.

Note: Enter any decreases to Assets, Liabilities, Stockholders' Equity, or Net Income with a minus sign. Do not round intermediate calculations.