146 On June 1, 2020, Hanson Company borrowed a $500,000 note payable with a term of four years, bearing an annual interest rate of 8%. Of 147 note, $100,000 plus interest is payable every May 31. Hanson has a November 30 year end, and it prepares adjusting entries and financial 148 statements only once a year. 149 150 Prepare the journal entry to record the cash receipt from the arranged note 151 152 Date 153 154 155 56 57 Account Title and Explanation 58 Prepare the required adjusting entry on November 30 59 50 Date 51 62 3 4 Debit Credit Account Title and Explanation Debit Credit