West County Bank agrees to lend Sandhill Co. $508000 on January 1. Sandhill Co. signs a $508000, 6%, 6-month note. The entry made by Sandhill Co. on January 1 to record the proceeds and issuance of the note is Cash 508000 Interest Expense 15240 Notes Payable 523240 Interest Expense 7620 Cash 500380 Notes Payable 508000 Cash 508000 Interest Expense 15240 Notes Payable 508000 Interest Payable 15240 Cash 508000 Notes Payable 508000