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5. Wellington Company had the following transactions involving notes payable. Nov. 1, 2021 Dec. 31, 2021 Feb. 1, 2022 Borrows $150,000 from Olathe Bank

5. Wellington Company had the following transactions involving notes payable. Nov. 1, 2021 Dec. 31, 2021 Feb. 1, 2022 Borrows $150,000 from Olathe Bank by signing a 3-month, 10% note. Prepares the adjusting entry. Pays principal and interest to Olathe Bank. Instructions Prepare journal entries for each of the transactions.

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