Future Tech borrows $22,800 on August 1 from the bank by signing a $22,800, 7%, 1-year note payable. Adjusting entries are made only at the end of the year. a. Prepare the entry to record the proceeds of the note. (List debit entry before credit entry. 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.) Date Date Account Titles and Explanation + (To record issuance of a 7%, 1-year note.) b. Prepare the entry to record accrued interest at December 31. (List debit entry before credit entry. 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 O for the amounts.) Account Titles and Explanation + Debit (To accrue interest for 5 months on note.) Credit Debit Credit

Future Tech borrows $22,800 on August 1 from the bank by signing a $22,800,7%,1-year note payable. Adjusting entries are made only at the end of the year. a. Prepare the entry to record the proceeds of the note. (List debit entry before credit entry. 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.) b. Prepare the entry to record accrued interest at December 31. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no etry is required, select "No Entry" for the account titles and enter 0 for the amounts.)