Record the following note payable transactions of Montreal Development, Inc., in the company's general journal. Explanations are not required.

\(19 \times 2\)

May 1 Purchased equipment costing \(\$ 14,000\) by issuing a one-year, 8-percent note payable.

Dec. 31 Accrued interest on the note payable.

19X3 May 1 Paid the note payable at maturity.