During 2021, Cullumber Company borrowed cash from Oriole Company by issuing notes payable as follows:

1.		July 1, 2021, issued an eight-month, 7% note for $61,200. Interest and principal are payable at maturity.
2.		November 1, 2021, issued a three-month, 4% note for $32,400. Interest is payable monthly on the first day of the month. Principal is payable at maturity.

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

Prepare all necessary journal entries for Cullumber Company to record the notes. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to the nearest whole dollar, e.g. 5,275. 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.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date July 1/21Nov. 1/21Dec. 1/21Dec. 31/21Jan. 1/22Feb. 1/22Mar. 1/22	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date July 1/21Nov. 1/21Dec. 1/21Dec. 31/21Jan. 1/22Feb. 1/22Mar. 1/22	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount

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List of Accounts

Prepare the necessary interest payment transactions for Cullumber in 2021 and 2022. Prepare separate adjusting entries for each note. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to the nearest whole dollar, e.g. 5,275. 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.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date July 1/21Nov. 1/21Dec. 1/21Dec. 31/21Jan. 1/22Feb. 1/22Mar. 1/22	enter an account title to record the payment of interest expense	enter a debit amount	enter a credit amount
	enter an account title to record the payment of interest expense	enter a debit amount	enter a credit amount
	(Paid interest expense.)
choose a transaction date July 1/21Nov. 1/21Dec. 1/21Dec. 31/21Jan. 1/22Feb. 1/22Mar. 1/22	enter an account title to accrue interest on note issued on July 1, 2021	enter a debit amount	enter a credit amount
	enter an account title to accrue interest on note issued on July 1, 2021	enter a debit amount	enter a credit amount
	(To accrue interest on note issued July 1, 2021.)
choose a transaction date July 1/21Nov. 1/21Dec. 1/21Dec. 31/21Jan. 1/22Feb. 1/22Mar. 1/22	enter an account title to accrue interest on note issued on November 1, 2021	enter a debit amount	enter a credit amount
	enter an account title to accrue interest on note issued on November 1, 2021	enter a debit amount	enter a credit amount
	(To accrue interest on note issued Nov. 1, 2021.)
choose a transaction date July 1/21Nov. 1/21Dec. 1/21Dec. 31/21Jan. 1/22Feb. 1/22Mar. 1/22	enter an account title to record the payment of interest owed on note	enter a debit amount	enter a credit amount
	enter an account title to record the payment of interest owed on note	enter a debit amount	enter a credit amount
	(Pay interest owed on note.)
Feb. 1/22	enter an account title to record the payment of principal and interest on note on February 1, 2022	enter a debit amount	enter a credit amount
	enter an account title to record the payment of principal and interest on note on February 1, 2022	enter a debit amount	enter a credit amount
	enter an account title to record the payment of principal and interest on note on February 1, 2022	enter a debit amount	enter a credit amount
	(Pay principal and interest on note.)
Mar. 1/22	enter an account title to record the payment of principal and interest on note on March 1, 2022	enter a debit amount	enter a credit amount
	enter an account title to record the payment of principal and interest on note on March 1, 2022	enter a debit amount	enter a credit amount
	enter an account title to record the payment of principal and interest on note on March 1, 2022	enter a debit amount	enter a credit amount
	enter an account title to record the payment of principal and interest on note on March 1, 2022	enter a debit amount	enter a credit amount
	(Pay principal and interest on note.)

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