Pharoah Ltd. borrowed ¥63,600,000 on November 1, 2021, by signing a ¥65,031,000, 3-month, zero- interest-bearing note. Prepare Pharoah's November 1, 2021, entry; the December 31, 2021, annual adjusting entry; and the February 1, 2022, entry. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Pharoah Ltd. borrowed ¥63,600,000 on November 1, 2021, by signing a ¥65,031,000, 3-month, zero-
interest-bearing note. Prepare Pharoah's November 1, 2021, entry; the December 31, 2021, annual
adjusting entry; and the February 1, 2022, entry. (If no entry is required, select "No Entry" for the account
titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is
entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Transcribed Image Text:Pharoah Ltd. borrowed ¥63,600,000 on November 1, 2021, by signing a ¥65,031,000, 3-month, zero- interest-bearing note. Prepare Pharoah's November 1, 2021, entry; the December 31, 2021, annual adjusting entry; and the February 1, 2022, entry. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
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