Exam $1-$ S$24-0201$ i

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On September $1,2024,$ Triton Entertainment borrowed $$24$ million cash to fund a new Fun Park. The loan was made by Nevada Bank under a noncommitted short$-$term financing arrangement. Triton issued a $9-$month, $12\%$ promissory note. Interest was payable at maturity. Triton's fiscal period is the calendar year.

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$\frac{1\mathrm{.}75}{4}$ points awarded

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Prepare the journal entry for the issuance of the note by Triton.

Prepare the appropriate adjusting entry for the note by Triton on December $31,2024.$

Prepare the journal entry for the payment of the note at maturity.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your answers in whole dollars and not in millions.

Mc

Graw

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