Travelyan Company obtains $25,000 in cash by signing a 9%, 6-month, $25,000 note payable to First Bank on July 1. Travelyan’s fiscal year ends on September 30. What information should be reported for the note payable in the annual financial statements?

(b) Hard Wok Cafe has cash proceeds from sales of $10,550. This amount includes $550 of sales taxes. Give the entry to record the proceeds.