Your answer is partially correct. Try again. Sunland Company borrows $47,000 on July 1 from the bank by signing a $47,000, 13%, one-year note payable. (a) Prepare the journal entry to record the proceeds of the note (b) Prepare the journal entry to record accrued interest at December 31, assuming adjusting entries are made only at the end of the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit July 1 Cash 47,000 Accounts Payable 47,000 Dec. 31Interest Payable 3,055 Cash 3,055