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Mourney Company had the following transactions involving notes payable. Nov. 1, 2021 Borrows $240,000 from Washington State Bank by signing a 4-month, 8% note. Dec.

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Mourney Company had the following transactions involving notes payable. Nov. 1, 2021 Borrows $240,000 from Washington State Bank by signing a 4-month, 8% 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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