Question $7$ Liabilities

On $1$ March, Jacaranda Ltd borrows $$300,000$ from the Big Bank by signing a $6$ month $7\%$ interest$-$bearing note.

Required: Prepare the necessary entries below associated with note payable on the books of Jacaranda Ltd$.$

a$)$ Prepare the entry on $1$st March when the note was issued.

b$)$ Prepare any adjusting entries necessary on $30$ June in order to prepare the semi$-$annual financial statements. Assume no other interest accrual entries have been made.

c$)$ Prepare the entry to record payment of the note at maturity.

Date $/$ Accounts Debit Credit