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Notes Payable Renchen Company, which manufactures steel tubing and casing for automobile production, borrowed $636,000 on January 1 to finance the purchase of a new piece of machinery with new heating technology. The terms of Renchen's note dictate that it is a 8-month, 10%, interest-bearing note. Required: 1. Record the borrowing transaction. Jan. 1 Cash Notes Payable (Record Issuance of note payable) Feedback Check My Work 1. On the date of the borrowing transaction, the company receives the money from the bank and has an obligation to pay the money back with interest in the future 2. Record the repayment transaction. If an amount box does not require an entry, leave it blank. Sept. 1 Notes Payable Interest Expense Cash