Vaughn Company borrows $45,000 on July 1 from the bank by signing a $45,000, 12%, one-year note payable. (a) (b) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) No. (a) Prepare the journal entry to record the proceeds of the note. Prepare the journal entry to record accrued interest at December 31, assuming adjusting entries are made only at the end of the year. (b) Date July 1 Dec. 31 V Account Titles and Explanation Debit Credit

Vaugtn Compainy borrows 545,000 co kuly 1 trom the burk by uggina a 545,000,12%, one veak note puyatle (a) Prepare the joumal entry to iecord the prococds of the note (b) Prepure the joumal entry to record accrued inteiest at Dexember 31. axwiming adpusting entries are made only an the end of the yisar. WCrdht accoust titles are outumatically indented whm amount is entered, Do not indent manuedly kecovd journat entries in the ovder presented in the