prepare the journal entry to record teh payment made when the note is due on may 1.

Current Attempt in Progress Concord Limited, which uses a perpetual inventory system, purchased inventory costing $14,800 on February 1 by issuing a 3-month note payable bearing interest at 6%, with interest and principal due on May 1. The company's year end is on March 31 and the company records adjusting entries only at that time