Question: User During 2 0 2 4 , Teal Co . borrowed cash from Martinez Company by issuing notes payable as follows: 1 . June 1

User
During 2024, Teal Co. borrowed cash from Martinez Company by issuing notes payable as follows:
1. June 1,2024, issued an eight-month, 6% note for $82,800. Interest and principal are payable at maturity.
2. October 1,2024, issued a three-month, 6% note for $52,800. Interest is payable monthly on the first day of the month. Principal is payable at maturity.
Teal has a November 30 fiscal year end and prepares adjusting entries on an annual basis.

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