Dunlin Development Company had the following transactions involving notes payable. Nov. 1, 2016 Borrows $120,000 from Merchants and Marine Bank by signing a 3-month, 10% note. Dec. 31, 2016 Prepares the adjusting entry. Feb. 1, 2017 Pays principal and interest to Merchants and Marine Bank. Prepare journal entries for each of the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
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