White Wolf Inc. entered into the following transactions relating to notes payable:

Sept. $1$ Purchased inventory costing $$48,000$ by signing an $8-$month, $6\%$ note payable.

Nov. $1$ Purchased inventory costing $$30,000$ by signing a $1-$year, $7\%$ note payable.

Required

$1.$ Prepare journal entries to record the above transactions.

$2.$ Assuming White Wolf Inc. has a December $31$ year end, prepare any adjusting entries needed for the accrual of interest. For ease of computation assume that White Wolf Inc. calculates interest expense based on the number of months outstanding, rather than the number of days.