For the A-1 Photography Practice Set; there is one tranaction that I am not positive about. It is an Interoffice Memorandum from the accountant's employer saying I have completed negotiations with the National Bank to borrow $20,000. Prepare a journal entry to issue a 60-day, 10% note to the bank for that amount. On the "Notes to Students" It says in this transaction the cash has been received and the interest will be considered later when you prepare your adjusting entries. What the heck am I supposed to do with this?

I was about to say DO NO JOURNAL ENTRY, because just because your boss sends you a memo, means nothing. You have to wait until you receive the cash.

However, in the Notes to Students, you say you have received the cash and to worry about interest at the end of the year (adjusting entries).

So,
Dr. Cash 20,000 (since you did receive $20,000 in cash)
Cr. Bank Loan 20,000

Thanks