Homework Answers
| Event | General Journal | Debit | Credit |
| 1 | Cash | $84,000,000 | |
| Notes payable | $84,000,000 | ||
| 2 | Interest expense($84,000,000 * 15% * 3/12) | $3,150,000 | |
| Interest payable | $3,150,000 |
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On October 1, Eder Fabrication borrowed $84 million and issued a nine-month, 15% promissory note. Interest...
On October 1. Eder Fabrication borrowed $66 million and issued a nine-month, 8% promissory note. Interest...
On October 1. Eder Fabrication borrowed $66 million and issued a nine-month, 8% promissory note. Interest was payable at maturity. Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the note at December 31, the end of the reporting period. (if no entry is required for a transaction/event, select "No lournal entry required in the first account fleld. Enter your answers in whole dollars.) View transaction list Journal entry worksheet Record the issuance...
On October 1, Eder Fabrication borrowed $63 million and issued a nine-month, 10% promissory note. Interest...
On October 1, Eder Fabrication borrowed $63 million and issued a nine-month, 10% promissory note. Interest was payable at maturity. Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the note at December 31, the end of the reporting period. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet Record the issuance...
On October 1, Eder Fabrication borrowed $52 million and issued a nine-month promissory note. Interest was...
On October 1, Eder Fabrication borrowed $52 million and issued a nine-month promissory note. Interest was discounted at issuance at a 10% discount rate. Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the note at December 31, the end of the reporting period. (If no entry is required for a transaction/event, select "No ournal entry required" in the first account field. Enter your answers in whole dollars.) We were unable to transcribe...
On October 1, Eder Fabrication borrowed $61 million and issued a nine-month promissory note. Interest was...
On October 1, Eder Fabrication borrowed $61 million and issued a nine-month promissory note. Interest was discounted at issuance at a 7% discount rate. Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the note at December 31, the end of the reporting period. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list > 1...
$79 million and issued a nine-month promissory note. Interest was discounted at issuance at On October...
$79 million and issued a nine-month promissory note. Interest was discounted at issuance at On October 1, Eder Fabrication borrowed a 11% discount rate. Prepare the journal entry for the issuance of the note and the appropriate reporting period. (If no entry is required for a transaction/event, select your answers in whole dollars.) adjusting entry for the note at December 31, the end of the "No journal entry required" in the first account field. Enter View transaction list Journal entry...
On October 1, Eder Fabrication borrowed $55 million and issued a nine-month promissory note. Interest was...
On October 1, Eder Fabrication borrowed $55 million and issued a
nine-month promissory note. Interest was discounted at issuance at
a 13% discount rate.
Prepare the journal entry for the issuance of the note and the
appropriate adjusting entry for the note at December 31, the end of
the reporting period. (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field. Enter your answers in whole dollars.)
Answer is complete but...
Branch Corporation issued $11 million of commercial paper on March 1 on a nine-month note. Interest...
Branch Corporation issued $11 million of commercial paper on March 1 on a nine-month note. Interest was discounted at issuance at a 13% discount rate. Prepare the journal entry for the issuance of the commercial paper and its repayment at maturity. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet < 1 2 3 Record the issuance of the...
On November 1, 2021, Quantum Technology, a geothermal energy supplier, borrowed $12 million cash to fund...
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...
Blanton Plastics, a household plastic product manufacturer, borrowed $28 million cash on October 1, 2021, to...
Blanton Plastics, a household plastic product manufacturer, borrowed $28 million cash on October 1, 2021, to provide working capital for year-end production. Blanton issued a four-month, 12% promissory note to L&T Bank under a prearranged short-term line of credit. Interest on the note was payable at maturity. Each firm's fiscal period is the calendar year. Required: 1. Prepare the journal entries to record (a) the issuance of the note by Blanton Plastics and (b) L&T Bank's receivable on October 1,...
Ontario Resources, a natural energy supplier, borrowed $80.6 million cash on November 1, 2021. to fund...
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 October 1. Eder Fabrication borrowed $66 million and issued a nine-month, 8% promissory note. Interest was payable at maturity. Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the note at December 31, the end of the reporting period. (if no entry is required for a transaction/event, select "No lournal entry required in the first account fleld. Enter your answers in whole dollars.) View transaction list Journal entry worksheet Record the issuance...
On October 1, Eder Fabrication borrowed $63 million and issued a nine-month, 10% promissory note. Interest was payable at maturity. Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the note at December 31, the end of the reporting period. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet Record the issuance...
On October 1, Eder Fabrication borrowed $52 million and issued a nine-month promissory note. Interest was discounted at issuance at a 10% discount rate. Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the note at December 31, the end of the reporting period. (If no entry is required for a transaction/event, select "No ournal entry required" in the first account field. Enter your answers in whole dollars.) We were unable to transcribe...
On October 1, Eder Fabrication borrowed $61 million and issued a nine-month promissory note. Interest was discounted at issuance at a 7% discount rate. Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the note at December 31, the end of the reporting period. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list > 1...
$79 million and issued a nine-month promissory note. Interest was discounted at issuance at On October 1, Eder Fabrication borrowed a 11% discount rate. Prepare the journal entry for the issuance of the note and the appropriate reporting period. (If no entry is required for a transaction/event, select your answers in whole dollars.) adjusting entry for the note at December 31, the end of the "No journal entry required" in the first account field. Enter View transaction list Journal entry...
On October 1, Eder Fabrication borrowed $55 million and issued a
nine-month promissory note. Interest was discounted at issuance at
a 13% discount rate.
Prepare the journal entry for the issuance of the note and the
appropriate adjusting entry for the note at December 31, the end of
the reporting period. (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field. Enter your answers in whole dollars.)
Answer is complete but...
Branch Corporation issued $11 million of commercial paper on March 1 on a nine-month note. Interest was discounted at issuance at a 13% discount rate. Prepare the journal entry for the issuance of the commercial paper and its repayment at maturity. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet < 1 2 3 Record the issuance of the...
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...
Blanton Plastics, a household plastic product manufacturer, borrowed $28 million cash on October 1, 2021, to provide working capital for year-end production. Blanton issued a four-month, 12% promissory note to L&T Bank under a prearranged short-term line of credit. Interest on the note was payable at maturity. Each firm's fiscal period is the calendar year. Required: 1. Prepare the journal entries to record (a) the issuance of the note by Blanton Plastics and (b) L&T Bank's receivable on October 1,...
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...
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