On September 1, 2022, Hare Today pet-supply store Co. borrowed $9,000 from Gone Tomorrow Bank, signing a 6-month, 4-percent note. Interest is to be paid at maturity. Hare Today and Gone Tomorrow both have a December 31 year-end.

1. Record the journal entry for the transaction for Hare Today, the borrower, on September 1, 2022.
2. Record the appropriate adjusting entry related to the note by Hare Today on December 31, 2022.
3. Record the journal entry for the payment of the amount due to Gone Tomorrow at the notes maturity on March 1, 2023.

On September 1, 2022, Hare Today pet-supply store Co. borrowed $9,000 from Gone Tomorrow Bank, signing a 6-month, 4-percent note. Interest is to be paid at maturity. Hare Today and Gone Tomorrow both have a December 31 year-end. 1. Record the journal entry for the transaction for Hare Today, the borrower, on September 1, 2022. Date L SE R E NI CF Account DR CR 11/30 Cash $9,000 Notes Payable $9,000 (To record the borrowings) 2. Record the appropriate adjusting entry related to the note by Hare Today on December 31, 2022. Date L SE R E E NI CF Account DR CR 11/30 Interest Expense $120 Interest Payable $120 (To record the interest accrued) 3. Record the journal entry for the payment of the amount due to Gone Tomorrow at the note's maturity on March 1, 2023. Date A L SE R R E NI CF Account DR CR 11/30 Notes Payable $9,000 Interest Payable $120 Interest Expense $60 Cash $9,180 (To record the payment of notes receivable)