On May $1,2020,$ a company issued a $$10,000,3\%,$ note payable to purchase equipment. The note term is $10$ months. Principal and interest are due at the time the note matures. Assume the company has a December $31$ year$-$end. The journal entry on the note's maturity date, March $1,2021,$ will credit Cash for $$10,000.$

True

False