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Monte Cristo Products, which uses a perpetual inventory system, owed $930,000 on account for inventory purchased on November 1, 2024. The company's fiscal year ends

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Monte Cristo Products, which uses a perpetual inventory system, owed $930,000 on account for inventory purchased on November 1, 2024. The company's fiscal year ends on December 31. Monte Cristo was unable to pay the amount owed by the February 1 due date because of financial difficulties. On February 1,2025 , it signed a $930,000,12% interest-bearing note. This note was repaid with interest on September 1, 2025. Required: 1. Prepare the entry recorded on November 1, 2024. 2. Prepare the entry recorded on February 1, 2025. 3. Prepare the entry recorded on September 1, 2025. 1. Prepare the entry recorded on November 1, 2024. 2. Prepare the entry recorded on February 1, 2025. 3. Prepare the entry recorded on September 1, 2025. 1,2024 JRNAL 2025. JRNAL 1,2025

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