1. March 1, 2020 purchase of supplies on account 2. March 31, 2020 conversion of accounts payable into a note payable 3. July 1, 2020 repayment of note Problem 11-5 Jen Company borrowed $200,000 with a 15-month note payable to First City Bank on August 1, 2020. The interest rate on the note is 7%. The interest and principal are due Nov 1, 2021. Prepare the 3 journal entries 1. Borrowing on August 1, 2020 2. Adjusting entry on December 31, 2020 3. Repayment on November 1, 2021. Problem 11-6 Alternative Treatments of Contingent Liabilities: a. Record with a journal entry, will be reported on financial statements b. Disclose in a footnote to the financial statements c. Do nothing