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During 2024, Pronghom Co, borrowed cash from Wildhorse Company by issuing notes payable as follows: 1. June 1, 2024, issued an eight-month, 5% note for

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During 2024, Pronghom Co, borrowed cash from Wildhorse Company by issuing notes payable as follows: 1. June 1, 2024, issued an eight-month, 5% note for $88,800, Interest and principal are payable at maturity. 2. October 1, 2024, issued a three-month, 8% note for $33,600. Interest is payabie monthly on the frst day of the month. Principal is payable at maturity. Pronghorn has a November 30 fiscal year end and prepares adjusting entries on an annual basis. (a) Prepare all necessary joumal entries for Pronghorn to record the notes. (Credit occount titles are outomatically indented when amount is entered. Do not indent monualh, If no entry is required, select "No Entry" for the occount titles and enter of for the amounts Record journol entries in the order presented in the problem. (List all debit entries before credit entries)

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