LO $9\mathrm{.}6$ Arvan Patel is a customer of First National Bank. Mr$.$ Patel borrow from First National Bank on January $1,2023.$ First National Bank issues a note with a principal amount of $$480,000,10\%$ annual interest rate, and a $24-$month maturity date on December $31,2024.$ To record the journal entry for the issuance of the Note, the bank would:

Debit Cash $$480,000$

Credit Notes Payable $$480,000$

True

False

LO $9\mathrm{.}6$ Arvan Patel is a customer of First National Bank. Mr$.$ Patel borrow from First National Bank on January $1,2023.$ First National Bank issues a note with a principal amount of $$480,000,10\%$ annual interest rate, and a $24-$month maturity date on December $31,2024.$ On December $31,2023,$ no entry is required since nothing is being paid.

True

False