Dunlin Development Company Had the Following Transactions Involving Notes Payable $\quad$

Essay

Dunlin Development Company had the following transactions involving notes payable. Nov. 1, 2016 $\quad$ Borrows $\$ 120,000$ from Merchants and Marine Bank by signing a 3 month, $10 \%$ note.

Dec. 31,2016 $\quad$ Prepares the adjusting entry.
Feb. 1,2017 $\quad$ Pays principal and interest to Merchants and Marine Bank.
Instructions
Prepare journal entries for each of the transactions.