At January $1,2024,$ Teal Mountain Merchants had a balance in the Interest Payable account for several to suppliers in exchange for outstanding accounts payable. The following table contains the details of the notes payable and the balance of the interest accrued on each note as at the end of the last fiscal year, December $31,2023.$

All notes require that the interest be paid at the maturity of the note. All notes and interest were paid on time. Teal Mountain prepares adjusting entries at the end of its calendar fiscal year.

Additional transactions of $2024$ were:

Mar. $1$ Signed a $$11,700,$ one$-$year, $5\%$ note to Lalonde Ltd$.$ in settlement of an accounts payable. Interest is due at maturity.

Oct. $30$

Signed a $$4,800,$ three$-$month, $4\mathrm{.}5\%$ note to Hanover $Ltd.$ in settlement of an accounts payable. Interest is due at maturity.

Nov.

Borrowed from RBC $$10,200$ cash in exchange for a two$-$year, $6\%$ note with interest due at maturity.

Date

Account Titles

Debit

Credit

$2024$