Wellington Company had the following transactions involving notes payable.
| Nov. 1, 2014 | Borrows $180,000 from Olathe State Bank by signing a 3-month, 10% note. |
| Dec. 31, 2014 | Prepares the adjusting entry. |
| Feb. 1, 2015 | Pays principal and interest to Olathe State Bank. |
Instructions
Prepare journal entries for each of the transactions.
