Required information [The following information applies to the questions displayed below.] On May 15, 2022, Powell Incorporated obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $131,000. The interest rate charged by the bank was 6.50%. The bank made the loan on a discount basis. a-3. Record the journal entry to show the effect of signing the note and the receipt of the cash proceeds on May 15,2022. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the proceeds of a short-term note payable (discount basis). Note: Enter debits before credits