During $2024,$ Pearl Co$.$ borrowed cash from Pronghorn Company by issuing notes payable as follows:

June $1,2024,$ issued an eight$-$month, $7\%$ note for $$86,400.$ Interest and principal are payable at maturity.

October $1,2024,$ issued a three$-$month, $5\%$ note for $$31,200.$ Interest is payable monthly on the first day of the month. Principal is payable at maturity.

Pearl has a November $30$ fiscal year end and prepares adjusting entries on an annual basis.

$($a$)$

$\backslash$times Your answer is incorrect.

Prepare all necessary journal entries for Pearl to record the notes. $($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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.$)$

Date

Nov. $\frac{30}{24}$

Nov. $\frac{30}{24}$

Account Titles and Explanation

Interest Expense

Interest Expense

Interest Expense

Interest Payable

Debit

Credit