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On Septèmber 1, 2021, Trinoma Entertainment borrowed P24,000,000 cash to fund à new Fun Park. The loan was granted by Solid Bank under a noncommitted short-term line of credit arrangement. Trinoma issued a 9-month, 12% promissory note. Interest was payable at maturity. The fiscal period is the calendar year. Required: 1. Prepare the journal entry for the issuance of the note by Trinoma. 2. Prepare the appropriate adjusting entry for. the note on December 31, 2021. 3. Prepare the journal entry for the payment of the note at

On Septèmber 1, 2021, Trinoma Entertainment borrowed P24,000,000 cash to fund à new Fun Park. The loan was granted by Solid Bank under a noncommitted short-term line of credit arrangement. Trinoma issued a 9-month, 12% promissory note. Interest was payable at maturity. The fiscal period is the calendar year. Required: 1. Prepare the journal entry for the issuance of the note by Trinoma. 2. Prepare the appropriate adjusting entry for. the note on December 31, 2021. 3. Prepare the journal entry for the payment of the note at

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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On September 1, 2021, Trinoma Entertainment borrowed P24,000,000 cash to fund a new Fun Park. The loan was granted by Solid Bank under a noncommitted short-term line of credit arrangement. Trinoma issued a 9-month, 12% promissory note. Interest was payable at maturity. The fiscal period is the calendar year. Required: 1. "Prepare the journal entry for the issuance of the note by Trinoma. 2. Prepare the appropriate adjusting entry for. the note on December 31, 2021. 3. Prepare the journal entry for the payment of the note at maturity.
Transcribed Image Text:On September 1, 2021, Trinoma Entertainment borrowed P24,000,000 cash to fund a new Fun Park. The loan was granted by Solid Bank under a noncommitted short-term line of credit arrangement. Trinoma issued a 9-month, 12% promissory note. Interest was payable at maturity. The fiscal period is the calendar year. Required: 1. "Prepare the journal entry for the issuance of the note by Trinoma. 2. Prepare the appropriate adjusting entry for. the note on December 31, 2021. 3. Prepare the journal entry for the payment of the note at maturity.
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