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

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter14: Long-term Liabilities: Bonds And Notes

Section: Chapter Questions

Problem 11E

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