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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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