Question 1 In an effort to raise some cash for operating activities, Flounder Corporation approached Novak Ltd. and asked to borrow $108,000 (the Presidents of Flounder and Novak were cousins). Novak agreed to loan $108,000 to Flounder for three months at 6% interest. On August 1, Flounder signed a promissory note for the amount, promising to repay the funds plus interest on November 1. Prepare all the journal entries on the books of Novak to record the note receivable, assuming that Novak's fiscal year-end is September 30 and repayment of the note receivable plus interest occurs on November 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record the note) (To record interest through year end) (To record interest through October) (To record repayment of the note)