Jun. 1 Borrowed $150,000 from Triple Creek Bank, issuing a 45-day, 8% note. Purchased tools by issuing a $276,000, 60-day note to Poulin Co., which discounted the note at the Jul. 1 rate of 6%. 16 Paid Triple Creek Bank the interest due on the note of June 1 and renewed the loan by issuing a new 30-day, 6.5% note for $150,000. (Journalize both the debit and credit to the notes payable account.) Aug. 15 Paid Triple Creek Bank the amount due on the note of July 16. Jul. 1 Tools 273,240.00 Interest Expense 2,760.00 Notes Payable 276,000.00 1 Jul. 16 Notes Payable 150,000.00 + Interest Expense 1,500.00 1 Notes Payable 150,000.00 1 Cash 1,500.00 1 Aug. 15 Notes Payable 150,000.00 + Interest Expense 812.50 + Cash 150,812.50