ul a tiUCR TOF $196. b. Croft purchased merchandise for $2,800. It paid within the discount period with a check for $2,674 Exercise 9-7 Notes Payable and Interest LO2 Example 9-1, 9-4 On July 1, 2017, Jo's Flower Shop borrowed $25,000 from the bank.Jo's signed a ten-month, 8% promissory note for the entire amount. Jo's uses a calendar year-end Required 1. Identify and analyze the effect of the issuance of the promissory note. 2. Identify and analyze the effect of any adjustments needed at year-end 3. Identify and analyze the effect of the payment of principal and interest. Exercise 9-8 Non-Interest-Bearing Notes Payable