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

question 32

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.

---

Definitions:

Seizures

Sudden, uncontrolled electrical disturbances in the brain that may cause changes in behavior, movements, feelings, and levels of consciousness.

GABA

Gamma-Aminobutyric Acid, a neurotransmitter in the brain that inhibits nerve transmission, helping to regulate neuronal excitability.

Voltage-gated Ion Channels

Channels that open or close in response to changes in membrane potential, allowing ions to pass through the membrane.

Presynaptic Terminal

The end part of an axon from which the release of neurotransmitters happens to signal the next neuron across a synaptic gap.