Requirement 1. Journalize each transaction including explanations. (Record debits first, then credits. Select the explanations on the last line of the journal entry table.) Apr. 2: Borrowed $55,000 from the bank and signed a note payable in the name of the business. Date Apr. 2 Cash Notes Payable Accounts and Explanation Apr. 4: Paid cash of $28,000 to acquire land. Date Apr. 4 Debit Credit Accounts and Explanation Debit Credit