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Future Tech borrows $ 1 8 , 0 0 0 on August 1 from the bank by signing a $ 1 8 , 0 0

Future Tech borrows $18,000 on August 1 from the bank by signing a $18,000,6%,1- year note payable. Adjusting entries are made only at the end of the year a . Prepare the entry to record the proceeds of the note. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered . Do not indent manually . If no entry is required, select "No Entryfor the account titles and enter for the amounts.)

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