Exercise $1$: Short$-$Term Notes Payable: Use the t$-$accts below to record the following entries. If you get stuck, carefully review the online and text examples.On September $1\%,$ Geo Inc. borrows $$2,400$ from State Bank and signs a $10$ month short$-$term note payable. The interest rate on the note is $7\%.$ Even though the note is only for $10$ months, the interest rate is an annual rate $($see interest calculations below$).$a$)$ Record the entry to borrow the money from the bank.b$)$ Next, record the accrual of interest at December $315$tc$)$ Finally, record the accrual of interest on June $30$th $.$d$)$ Record the entry to pay the interest on June $30$the$)$ Record the entry to re$-$pay the principal balance of the loan.