View Policies Current Attempt in Progress Vaughn Enterprises had the following transactions involving notes payable amounts in thousands) July 1, 2020 Nov. 1. 2020 Dec 31, 2020 Borrows NT$50,000 from First Taiwan Bank by signing a 9-month, % note, Borrows NT$61.800 Nantou City Bank by signing a 3-month, 6% note. Prepares adjusting entries Pays principal and interest to Nantou City Bank Pays principal and interest to First Taiwan Bank Feb. 1. 2021 Apr. 1.2021 Prepare journal entries for each of the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and entero for the amounts) Date Account Titles and Explanation Debit Credit July 1, 2020 Cash 5000 Notes Payable Nov. 1, 2020 Cash 61800 Notes Payable Dec 31, 2020 Interest Expense 2600 Interest Payable (To record adjusting entry for First Taiwan Bank note.) 4 - .. To record adjusting entry for First Taiwan Banknote Fett 1.2021 (To record adjusting entry for Nantou City Banknote) Feb. 1. 2021 Notes Payable 60000 Interest Expense 300 Interest Payable 800 Cash 61 Interest Expense 300 Interest Payable 600 Cash 6 Apr 1.2021 Notes Payable 50000 Interest Expense 1000 Interest Payable 2000 Cash