During $2024,$ Sheffeld Ca borrowed cash from Waterway Company by issuing notas payable as follows:

$1$ July $1,2024,$ issued an eight$-$month, $396$ note for $$60,000.$ Interest and principal are payable at maturity.

$2.$ November $1,2024,$ issued a three$-$month, $49$ note for $$30,000.$ Intarest is payable monthly on the first day of the month Principal is payable at maturity.

Sheffeld has a December $31$ fiscal year end and prepares adjusting entries on an annual basis.

$($a$)$

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Prepare all necessary journal entries for Sheffeld Co$.$ to record the notes. $($Credit deccumt tithes dre aubamatically indented when

Date

Account Titles and Explanation

Cosh

cash

Netso Pavele

Debit

tyer

Cosh Notsis Previs

Attempts $1$ of $1$ used

$($b$)$

Prepare the necosery intsrest payment transactions for Sheffield in $2024$ and $2025.$ Prepare separat& adjusting entries for each

bate Account risies and Expianation

Debit