Question: (Learning Objective 5: Account for notes receivable) On August 31, 2012, Nancy Totten borrowed $5,000 from First Interstate Bank. Totten signed a note payable, promising

(Learning Objective 5: Account for notes receivable) On August 31, 2012, Nancy Totten borrowed $5,000 from First Interstate Bank. Totten signed a note payable, promising to pay the bank principal plus interest on August 31, 2013. The interest rate on the note is 7%. The accounting year of First Interstate Bank ends on June 30, 2013. Journalize First Interstate Bank

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