West County Bank agrees to lend Pharoah Company $316000 on January 1, Pharoah Company signs a $316000,6%, 6-month note. The entry made by Pharoah Company on January 1 to record the proceeds and issuance of the note is Interest Expense Cash Notes Payable 4740 311260 316000 Cash Interest Expense Notes Payable Interest Payable 316000 9480 316000 9480 Cash Notes Payable 316000 316000 Cash Interest Expense Notes Payable 316000 9480 325480