Coronado Ltd. borrowed $75,600,000 on November 1, 2021, by signing a 77.301.000,3-month, zero-interest-bearing note. Prepare Coronado's November 1, 2021, entry the December 31. 2021, annual adjusting entry, and the February 1, 2022, entry. Of no entry is required, select "No Entry for the account titles and enter Ofor the amounts Credit account sites are automatically indented when amount is entered. Do not indent manually Record journal entries in the order presented in the problem) Account Titles and Explanation Debit Date Nov 1.2021 Dec 31, 2021 Feb 1,2022 Feb 1,2022 Cash Discount on Notes Payable Interest Expense Discount on Notes Payable Interest Expense (To record interest) Notes Pyible cash 75.000.000 283.500 $47.000 77301.000 Credit 282.500 567.000 77301,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Coronado Ltd. borrowed $75,600,000 on November 1, 2021 by signing a 77,301.000, 3-month, zero-interest-bearing note. Prepare Coronado's November 1, 2021, entry the December 31.
2021, annual adjusting entry, and the February 1, 2022, entry. Of no entry is required, select "No Entry for the account titles and enter O for the amounts Credit account sites are automatically indented
when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem)
Account Titles and Explanation
✪
Date
Nov 1.2021
Dec 31, 2021
Feb 1,2022
Feb. 1.2022-
Cash
Discount on Notes Payable
Interest Expense
Discount on Notes Payable
Interest Expense
Discount on Notes Payable
(To record interest)
Notes Payable
Cash
(To pay note)
Debit
75,000,000
283,500
567.000
77,301.000
Credit
75.400,000
283.500
567.000
77.301.000
Transcribed Image Text:Coronado Ltd. borrowed $75,600,000 on November 1, 2021 by signing a 77,301.000, 3-month, zero-interest-bearing note. Prepare Coronado's November 1, 2021, entry the December 31. 2021, annual adjusting entry, and the February 1, 2022, entry. Of no entry is required, select "No Entry for the account titles and enter O for the amounts Credit account sites are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem) Account Titles and Explanation ✪ Date Nov 1.2021 Dec 31, 2021 Feb 1,2022 Feb. 1.2022- Cash Discount on Notes Payable Interest Expense Discount on Notes Payable Interest Expense Discount on Notes Payable (To record interest) Notes Payable Cash (To pay note) Debit 75,000,000 283,500 567.000 77,301.000 Credit 75.400,000 283.500 567.000 77.301.000
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