Record each separate transaction of notes payable using the following information:

Principle of Note : $23,000

240-day term

12% annual interest

a. Journal entry for a $23,000 purchase from Corbin Co., buying merchandise with a promissory note on May 1.

b. Journal entry for converting an Accounts Payable to $23,000 Note Payable paying $3,000 towards the Accounts Payable in Cash on May 1.

c. Journal entry for an honored $23,000 note on December 28.

d. Year-end adjustment for accrued interest of $2,800 on December 31 (this is unrelated to a-c).