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On July $1,2023,$ Cullumber Ltd$.$ received a loan from its bank for $$16,000$ bearing interest at $5\%.$ The loan is payable in two annual instalments of $$8,605$ principal and interest on June $30$ each year. The company records adjusting journal entries annually at year end on December $31.$

$($b$)$

Record $(1)$ the receipt of $$16,000$ cash from the loan on July $1,2023$; $(2)$ the accrual of interest on December $31,2023$ ; $(3)$ the first instalment payment on June $30,2024$; and $(4)$ the accrual of interest on December $31,2024.($Round answers to $0$ decimal places, e$.$g$.5,275.$ Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no gatry is required, select $"$No Entry" for the account titles and enter $0$ for the omounts. List all debit entries before credit entries.$)$

Date

$2023$

Account Titles

Debit

Debit

Credit

$2024$

$2024$