Exercise 7-7 (Algo) Notes payable-discount basis LO 7-2 [The following information applies to the questions displayed below] On May 15, 2022, Powell Incorporated obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $433,800. The interest rate charged by the bank was 7.50%. The bank made the loan on a discount basis. xercise 7-7 (Algo) Part a - Journal entry 3. Record the journal entry to show the effect of signing the note and the receipt of the cash proceeds on May 15, 2022. ote: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the proceeds of a short-term note payable (discount basis)