$[24\%]$ Wellington Company had the Iorlowing transactions involving notes payable.

Nov. $1,2020$

Dec. $31,2020$

Feb. $1,2021$

Borrows $$90,000$ from Olathe State Bank by signing a $3-$month, $19\%$ note.

Prepares the adjusting entry.

Pays principal and interest to Olathe State Bank.

Instructions:

Prepare journal entries for each of the transactions.

SKIP A LINE AFTER EACH TRANSACTION