Remaining Time: 1 hour, 31 minutes, 45 seconds. Question Completion Status: On May 1, a firm borrowed $700,000 cash from the bank under a noncommitted short-term line of credit arrangement and issued a six-month, 12% promissory note. Interest was payable at maturity. Prepare journal entries under the two different contracts below. The firm's FYE is Dec. 31. Interest-bearing May 1 Nov. 1 Noninterest-bearing May 1 Nov. 1 Save All Remaining Time: 1 hour, 31 minutes, 31 seconds. Question Completion Status: Nov. 1 Noninterest-bearing May 1 Nov. 1 I Al Al were to save all answers