Current Attempt in Progress

Cullumber Company borrows $$58,000$ on July $1$ from the bank by signing a $$58,000,11\%,1-$year note payable. Interest will be repaid at maturity.

$($a$)$ Prepare the journal entry to record the proceeds of the note.

$($b$)$ Prepare the journal entry to record accrued interest at December $31,$ assuming adjusting entries are made only at the end of the year.

$($Credit account titles ore automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Date

Account Titles and Explanation

Debit

Credit