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Exercise $8-12($Algo$)$ Record notes payable and reclassify debt $($LO$8-2,8-4)$

On September $1,2024,$ Lindsey Engineering borrows $$408,000$ cash. The loan is made by FirstLending, under the agreement that Lindsey will repay the principal with four payments of $$102,000.$ Payments are due by October $1$ each year, with the first payment being due October $1,2025($next year$).$ Interest on the borrowing is $6\%,$ and Lindsey's year$-$end is December $31.$

Required:

to $3.$ Record the necessary entries in the Journal Entry Worksheet below. $($If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

Answer is not complete.

$\backslash$table$[[$No$,$Date,General Journal,Debit,Credit$],[1,$September $01,202,$Cash,,$],[,,$Notes Payable $($long$-$term$),,],[,,,,],[2,$December $31,202.,$Interest Expense,,$],[,,$Interest Payable,,$],[,,,,],[3,$December $31,202.,$Notes Payable $($long$-$term$),,],[,,$Notes Payable $($current$),,]]$

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