Sheffield Construction Ltd. borrowed $330,000 from Atco Finance Ltd. on October 1, 2020, by issuing a nine-month note payable at 6% interest payable at maturity. Both companies have a December 31 year end and make adjusting entries annually.

For Atco Finance, record (1) the payment of the $330,000 cash and the receipt of the note receivable on October 1, 2020; (2) the accrual of interest on December 31, 2020; and (3) the collection of the note and interest on July 1, 2021. (Hint: Atco Finance uses a Notes Receivable account to record its loans.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)