Ontario Resources, a natural energy supplier, borrowed $89.5 million cash on November 1, 2019, to fund...
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Ontario Resources, a natural energy supplier, borrowed $89.5 million cash on November 1, 2019, to fund a geological survey. The loan was made by Quebec Banque under a short-term financing arrangement. Ontario Resources issued a 9-month, 10% promissory note with interest payable at maturity. Ontario Resources' fiscal period is the calendar year. Prepare the journal entry for the issuance of the note by Ontario Resources. (Enter your answers in whole dollars.) 19 20 21 Date 5 Prepare the adjusting entry for the interest of the note by Ontario Resources on December 31, 2019. 5 (Enter your answers in whole dollars.) 7 S 4 25 26 27 25 28 Date Account 22 23 Prepare the entry for the payment of the note at maturity. (Enter your answers in whole dollars.) 24 Date Account Debit Account Debit Credit Debit Credit Credit 6 3 10 11 P 17 18 19 852 323 #5 12 13 14 15 Prepare the adjusting entry for the interest of the note by Ontario Resources on December 31, 2 16(Enter your answers in whole dollars.) 20 Ontario Resources, a natural energy supplier, borrowed $89.5 million cash on November 1, 2019, to fund a geological survey. The loan was made by Quebec Banque under a short-term financing arrangement. Ontario Resources issued a 9-month, 10% promissory note with interest payable at maturity, Ontario Resources fiscal period is the calendar year. 21 Prepare the journal entry for the issuance of the note by Ontario Resources. (Enter your answers in whole dollars.) 27 26 Date 2 3 852238 26 Date 22 23 Prepare the entry for the payment of the note at maturity. 24 (Enter your answers in whole dollars.) 25 30 33 Date 04 Account Account Debit Account Debit Credit Debit Credit Credit Ontario Resources, a natural energy supplier, borrowed $89.5 million cash on November 1, 2019, to fund a geological survey. The loan was made by Quebec Banque under a short-term financing arrangement. Ontario Resources issued a 9-month, 10% promissory note with interest payable at maturity. Ontario Resources' fiscal period is the calendar year. Prepare the journal entry for the issuance of the note by Ontario Resources. (Enter your answers in whole dollars.) 19 20 21 Date 5 Prepare the adjusting entry for the interest of the note by Ontario Resources on December 31, 2019. 5 (Enter your answers in whole dollars.) 7 S 4 25 26 27 25 28 Date Account 22 23 Prepare the entry for the payment of the note at maturity. (Enter your answers in whole dollars.) 24 Date Account Debit Account Debit Credit Debit Credit Credit 6 3 10 11 P 17 18 19 852 323 #5 12 13 14 15 Prepare the adjusting entry for the interest of the note by Ontario Resources on December 31, 2 16(Enter your answers in whole dollars.) 20 Ontario Resources, a natural energy supplier, borrowed $89.5 million cash on November 1, 2019, to fund a geological survey. The loan was made by Quebec Banque under a short-term financing arrangement. Ontario Resources issued a 9-month, 10% promissory note with interest payable at maturity, Ontario Resources fiscal period is the calendar year. 21 Prepare the journal entry for the issuance of the note by Ontario Resources. (Enter your answers in whole dollars.) 27 26 Date 2 3 852238 26 Date 22 23 Prepare the entry for the payment of the note at maturity. 24 (Enter your answers in whole dollars.) 25 30 33 Date 04 Account Account Debit Account Debit Credit Debit Credit Credit
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Related Book For
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
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