Question: Current Attempt in ProgressDuring 2 0 2 4 , Royal Co . borrowed cash from Struck Company by issuing notes payable as follows:June 1 ,

Current Attempt in ProgressDuring 2024, Royal Co. borrowed cash from Struck Company by issuing notes payable as follows:June 1,2024, issued an eight-month, 6% note for $85,000. Interest and principal are payable at maturity. October 1,2024, issued a three-month, 5% note for $60,000. Interest is payable monthly on the first day of the month.Principal is payable at maturity.Royal has a November 30 fiscal year end and prepares adjusting entries on an annual basis.Prepare all necessary interest payment transactions for Royal in 2024 and 2025. Prepare separate adjusting entries for each note.(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)DateNov.1/24Dec. 1/24Account Titles and ExplanationDebit

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