Blanton Plastics, a household plastic product manufacturer, borrowed $15 million cash on October 1, 2016, to provide working capital for year-end production. Blanton issued a four-month, 8% promissory note to L&T Bank under a prearranged short-term line of credit. Interest on the note was payable at maturity. Each firms fiscal period is the calendar year.

Prepare the journal entries to record (a) the issuance of the note by Blanton Plastics and (b) L&T Banks receivable on October 1, 2016.