Pharoah Limited borrowed $67,200 from National Limited on July 1 and issued a three-month note payable at 6% due at maturity on October 1. Pharoah's year end is August 31 and the company records adjusting entries only at that time. (a) Your answer is correct. Prepare the journal entry to record the receipt of $67,200 cash and the issue of the note on July 1. (Credit account titles are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.) Prepare the journal entry to record the accrual of interest expense on August 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter 0 for the amounts. List debit entry before credit entry.) eTextbook and Media List of Accounts Attempts: unlimited