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On November 1, 2024, Pembina Inc. accepted a three-month, 9%,$55.200 note...

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Accounting

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On November 1, 2024, Pembina Inc. accepted a three-month, 9%,$55.200 note from Covington Inc. in settlement of its account. Interest is due on the first day of each month, starting December 1 . Both companies' year ends are December 31 . Interest accruals are. only recorded at year end. (a) Prepare all journal entries for Pembina over the term of the note. Assume that the note is collected in full on the maturity date. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered, Do not indent manually, If no entry is required, select "No Entry" for the account titles and enter o for the omounts. Record. entries in the order displayed in the problem statement.)

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