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Journey Company had the following transactions involving notes payable. September 1, 2021 Borrows $240,000 from Washington State Bank by signing a 6-month, 5% note. Dec.

Journey Company had the following transactions involving notes payable.

September 1, 2021 Borrows $240,000 from Washington State Bank by signing a 6-month, 5% note.

Dec. 31, 2021 prepares the adjusting entry.

March 1, 2022 Pays principal and interest to Washington State Bank.

Instructions

Indicate the accounts and their respective balances that are increased and/or decreased for each of the above transactions.

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