On July 1, 2016, Staubach Ambulance Company borrowed $25,000 from the bank Jo signed a ten-month, 8% promissory note for the entire amount. Staubach's uses a calendar year-end. Prepare the journal entry on July 1 to record the issuance of the promissory note. Prepare any adjusting entries needed at year end Prepare the journal entry on May 1 to record the payment of principal and interest 2 3