Ontario Resources, a natural energy supplier $80.4 million cash on November 1,2021, to fund a geological survey. The loan was made by Quebec Banque under a short-term financing arrangement.
General Journal | Debit | Credit | ||
November 1,2021 | Cash | 80400000 | ||
Notes payable | 80400000 | |||
December 31,2021 | Interest expense | 1072000 | =80400000*8%*2/12 | |
Interest payable | 1072000 | |||
November 1,2022 | Interest expense | 5360000 | =80400000*8%*10/12 | |
Interest payable | 1072000 | |||
Notes payable | 80400000 | |||
Cash | 86832000 |
Ontario Resources, a natural energy supplier $80.4 million cash on November 1,2021, to fund a geological...
Ontario Resources, a natural energy supplier, borrowed $80.6 million cash on November 1, 2021, to fund a geological survey. The loan was made by Quebec Banque under a short-term financing arrangement. Ontario Resources issued a 9- month, 12% promissory note with interest payable at maturity. Ontario Resources' fiscal period is the calendar year. Required: 1. Prepare the journal entry for the issuance of the note by Ontario Resources. 2. & 3. Prepare the appropriate adjusting entry for the note by...
Ontario Resources, a natural energy supplier, borrowed $79.0 million cash on November 1, 2021. to fund a geological survey. The loan was made by Quebec Banque under a short-term financing arrangement. Ontario Resources issued a 6-month, 12% promissory note with interest payable at maturity, Ontario Resources fiscal period is the calendar year. Required: 1. Prepare the journal entry for the issuance of the note by Ontario Resources 2. & 3. Prepare the appropriate adjusting entry for the note by Ontario...
Ontario Resources, a natural energy supplier, borrowed $79.5 million cash on November 1, 2021, to fund a geological survey. The loan was made by Quebec Banque under a short-term financing arrangement. Ontario Resources issued a 9-month, 12% promissory note with interest payable at maturity. Ontario Resources' fiscal period is the calendar year. Required: 1. Prepare the journal entry for the issuance of the note by Ontario Resources. 2. & 3. Prepare the appropriate adjusting entry for the note by Ontario...
Ontario Resources, a natural energy supplier, borrowed $80.6 million cash on November 1, 2021. to fund a geological Survey. The loan was made by Quebec Banque under a short-term financing arrangement Ontario Resources issued a 9-month, 129 promissory note with interest payable at maturity. Ontario Resources' fiscal period is the calendar year Required: 1. Prepare the journal entry for the issuance of the note by Ontario Resources 2. & 3. Prepare the appropriate adjusting entry for the note by Ontario...
On November 1, 2021. Quantum Technology, a geothermal energy supplier, borrowed $5 million cash to fund a geological survey. The loan was made by Nevada BancCorp under a noncommitted short-term line of credit arrangement. Quantum issued a nine-month, 6% promissory note. Interest was payable at maturity. Quantum's fiscal period is the calendar year. Required: 1. Prepare the journal entry for the issuance of the note by Quantum Technology. 2. & 3. Prepare the appropriate adjusting entry for the note by Quantum on December...
On November 1, 2021, Quantum Technology, a geothermal energy supplier, borrowed $19 million cash to fund a geological Survey. The loan was made by Nevada BancCorp under a noncommitted short-term line of credit arrangement Quantum issued a nine-month, 12% promissory note. Interest was payable at maturity. Quantum's fiscal period is the calendar year Required: 1. Prepare the journal entry for the issuance of the note by Quantum Technology 2. & 3. Prepare the appropriate adjusting entry for the note by...
On November 1, 2018, Quantum Technology, a geothermal energy supplier, borrowed $24 million cash to fund a geological survey. The loan was made by Nevada BancCorp under a noncommitted short-term line of credit arrangement. Quantum issued a nine-month, 11% promissory note. Interest was payable at maturity. Quantum’s fiscal period is the calendar year. Required: 1. Prepare the journal entry for the issuance of the note by Quantum Technology. 2. & 3. Prepare the appropriate adjusting entry for the note by...
On November 1, 2021, Quantum Technology, a geothermal energy supplier, borrowed $12 million cash to fund a geological survey. The loan was made by Nevada BancCorp under a noncommitted short-term line of credit arrangement. Quantum issued a nine- month, 11% promissory note. Interest was payable at maturity. Quantum's fiscal period is the calendar year. Required: 1. Prepare the journal entry for the issuance of the note by Quantum Technology. 2. & 3. Prepare the appropriate adjusting entry for the note...
21. On September 1, 2013, Triton Entertainment borrowed $24 million cash to fund a new Fun Park. The loan was made by Nevada Bank under a noncommitted short-term line of credit arrangement. Triton issued a 9-month, 12% promissory note. Interest was payable at maturity. Triton's fiscal period is the calendar year. Required: 1. Prepare the journal entry for the issuance of the note by Triton. 2. Prepare the appropriate adjusting entry for the note by Triton on December 31, 2013....
On November 1, 2021, Aviation Training Corp. borrows $43,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 6% note payable. Interest is payable at maturity. Aviation’s year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the issuance of note. Note: Enter debits before credits. Date General Journal...