During the summer between his junior and senior years, James Cook needed to earn sufficient money for the coming academic year. Unable to obtain a job with a reasonable salary, he decided to try the lawn care business for three months. After a survey of the market potential, James bought a used pickup truck on June 1 for $1,140. On each door he painted "James Cook Lawn Service, Phone 471-4487." He also spent $870 for mowers, trimmers, and tools. To acquire these items, he borrowed $2,710 cash by signing a note payable promising to pay the $2,710 plus interest of $75 at the end of the three months (ending August 31). By the end of the summer, James had