On May 1, 2020 Dunlin Development Company borrows $300,000 from Merchants and Marine Bank by signing an 8-month, 8% note. REQUIRED: 1) Prepare the entry on May 1. [1 Mark] 2) Prepare the adjusting entry on May 31. [1 Mark] 3) Prepare the entry at maturity (January 1, 2021), assuming monthly adjusting entries have been made through December 31, 2020. (2 marks] 7 i B 1 Ff T. OP &? Date May. 1.2020 particulars cash a/c dr to note e payable PHILIPS