On July 1, Wright Construction borrowed $300,000 from First Credit Union by issuing a 11% note payable due in six months. Prepare (1) the journal entry to record the initial transaction and then prepare (2) the adjusting entry required on July 31 which is the end of the fiscal year. Assets Cash Chart of Accounts Liabilities Accounts Payable Taxes Payable Accounts Receivable Notes Payable Inventory Salaries and Wages Payable Supplies Prepaid Insurance Equipment Building Land Accumulated Depreciation Interest Payable Stockholders' Equity Common Stock Retained Earnings Services Revenue Rent Revenue Depreciation Expense Utilities Expense Salaries and Wages Expense Insurance Expense Interest Expense . List debit transactions first and then list credit transactions. . Use accounts provided in the Chart of Accounts above. Do NOT create your own account. . When typing your responses, do NOT include a dollar sign. For example, if your answer is $10,000, you should be typing 10,000 or 10,000.00 without any dollar sign. General Journals Date Account Titles and Explanation Debit ($) Credit ($) 7/1 Initial Journal Entry: 7/31 Adjusting Journal Entry: