During 2024, Aubergine Co. borrowed cash from Chartreuse Company by issuing notes payable as follows: July 1, 2024, issued a eight-month, 4% note for $75,000. Interest and principal are payable at maturity. November 1, 2024, issued a three-month, 5% note for $42,000. Interest is payable monthly on the first day of the month. Principal is payable at maturity. Aubergine has a December 31 fiscal year end and prepared adjusting entries on an annual basis.

Prepare all necessary journal entries for Aubergine Co. to record notes.

Prepare all necessary interest payment transaction for Aubergine in 2024 and 2025. Prepare separate adjusting entries for each note