NOTES PAYABLE Munford Co. borrowed a $100,000 note payable on June 1, Year 1, with 6% interest. The note is due on May 31, Year 2. Prepare the journal entry to record the issuance of the note and receipt of cash on June 1, Year 1. Ensure the equation still balances and debits credits Assets Liabilities + Stockholders Equity Prepare the adjusting journal entry to record the interest owed at the end of the accounting period on December 31, Year 1. Ensure the equation still balances and debits credits Assets = Liabilities + Stockholders Equity Prepare the journal entries to record the interest and principal yments to the lender on May 31, Year 2. Ensure the equation still balances and debits credits Assets Liabilities + Stockholders Equity