ail YouTube Maps 3 Register | Pearson.... Saved work Current Liabilities Blanton Plastics, a household plastic product manufacturer, borrowed $14 million cash on October 1, 2021, to provide working capital for year-end production. Blanton issued a four-month, 12% promissory note to L&T Bank under a prearranged short-term line of credit. Interest on the note was payable at maturity. Each firm's fiscal period is the calendar year. Required: 1. Prepare the journal entries to record (a) the issuance of the note by Blanton Plastics and (b) L&T Bank's receivable on October 1, 2021 2. Prepare the journal entries by both firms to record all subsequent events related to the note through January 31, 2022 3. Suppose the face amount of the note was adjusted to include Interest (a noninterest-bearing note) and 12% is the bank's stated discount rate. (aPrepare the journal entries to record the Issuance of the noninterest-bearing note by Blanton Plastics on October 1, 2021, the adjusting entry at December 31, and payment of the note at maturity. (b) What would be the effective Interest rate? Complete this question by entering your answers in the tabs below. Reg Reg 2 Req 3A Req3B Prepare the journal entries to record (a) the issuance of the note by Blanton Plastics and (b) L&T Bank's receivable on October 1, 2021. (If no entry is required for a transactior/eventselect "No journal entry required in the first account field. Enter your answers in whole dollars Vlow transaction et Journal entry worksheet 2 Record the issuance of the note by Blanton Plastics, General Journal Debit Credit Date Oto 2021 Blanton Plastics, a household plastic product manufacturer, borrowed $14 million cash on October 1, 2021, to provide working capital for year-end production. Blanton issued a four-month, 12% promissory note to L&T Bank under a prearranged short-term line of credit Interest on the note was payable at maturity. Each firm's fiscal period is the calendar year Required: 1. Prepare the journal entries to record (a) the issuance of the note by Blanton Plastics and b) L&T Bank's receivable on October 1. 2021 2. Prepare the journal entries by both firms to record all subsequent events related to the note through January 31, 2022 3. Suppose the face amount of the note was adjusted to include Interest (a noninterest-bearing notes and 12% is the bank's stated discount rate. (a) Prepare the journal entries to record the issuance of the noninterest-bearing note by Blanton Plastics on October 1 2021, the adjusting entry at December 31, and payment of the note at maturity (b) What would be the effective interest rate? Complete this question by entering your answers in the tabs below. Reg1 Reg 2 Rega Reg 33 Prepare the journal entries to record (a) the issuance of the note by Blanton Plastics and (b) L&T Bank's receivable on October 1, 2021 (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) Mowtransactions Journal entry worksheet Record the L&T Bank's receivable General Journal Debit Credit Date OCHODOU 2021 Blanton Plastics, a household plastic product manufacturer, borrowed $14 million cash on October 1, 2021, to provide working capital for year-end production. Blanton issued a four-month, 12% promissory note to L&T Bank under a prearranged short-term line of credit Interest on the note was payable at maturity. Each firm's fiscal period is the calendar year. Required: 1. Prepare the journal entries to record (a) the issuance of the note by Blanton Plastics and (b) L&T Bank's receivable on October 1, 2021. 2. Prepare the journal entries by both firms to record all subsequent events related to the note through January 31, 2022. 3. Suppose the face amount of the note was adjusted to include Interest (a noninterest-bearing notes and 12% is the bank's stated discount rate. (a) Prepare the journal entries to record the issuance of the noninterest-bearing note by Blanton Plastics on October 1, 2021, the adjusting entry at December 31, and payment of the note at maturity. (b) What would be the effective interest rate? Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Red 3A R30 Prepare the journal entries by both firms to record all subsequent events related to the note through January 31, 2022. (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.) View fraction dat Journal entry worksheet 2 3 Record the adjusting entry for the Blanton Plastics General Journal Debit Credit December 312021 Prev Next Blariton Plastics, a household plastic product manufacturer, borrowed $14 million cash on October 1, 2021, to provide working capital for year-end production Blanton issued a four-month, 12% promissory note to L&T Bank under a prearranged short-term line of credit Interest on the note was payable at maturity. Each firm's fiscal period is the calendar year. Required: 1. Prepare the journal entries to record (a) the Issuance of the note by Blanton Plastics and (b) L&T Bank's receivable on October 1, 2021 2 Prepare the journal entries by both firms to record all subsequent events related to the note through January 31, 2022 3. Suppose the face amount of the note was adjusted to include Interest (a noninterest-bearing note) and 12% is the bank's stated discount rate, (a) Prepare the journal entries to record the issuance of the noninterest-bearing note by Blanton Plastics on October 1. 2021, the adjusting entry at December 31, and payment of the note at maturity. (b) What would be the effective Interest rate? Complete this question by entering your answers in the tabs below. Reg 1 Rea 2 Reg JA Reg 36 Prepare the journal entries by both firms to record all subsequent events related to the note through January 31, 2022. (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.) View transactions Journal entry worksheet 3 Record the adjusting entry for the L&T Bank Date General Journal Debit Credit ork Current Liabilities Blanton Plastics, a household plastic product manufacturer, borrowed $14 million cash on October 1, 2021, to provide working capital for year-end production. Blanton issued a four-month, 12% promissory note to L&T Bank under a prearranged short-term Ime of credit Interest on the note was payable at maturity. Each firm's fiscal period is the calendar year Required: 1. Prepare the journal entries to record (a) the issuance of the note by Blanton Plastics and (b) L&T Bank's receivable on October 1, 2021 2. Prepare the journal entries by both firms to record all subsequent events related to the note through January 31, 2022 3. Suppose the face amount of the note was adjusted to include interest (a noninterest-bearing note) and 12% is the bank's stated discount rate (a) Prepare the journal entries to record the issuance of the noninterest-bearing note by Blanton Plastics on October 1. 2021, the adjusting entry at December 31, and payment of the note at maturity. (b) What would be the effective interest rate? Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Re JA Reg 30 Prepare the journal entries by both firms to record all subsequent events related to the note through January 31, 2022. (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.) View transaction to Journal entry worksheet Record the maturity of the note for Blanton Plastic mened Date General Journal Debit Credit Blanton Plastics, a household plastic product manufacturer, borrowed $14 million cash on October 1, 2021, to provide working capital for year-end production. Blanton issued a four-month, 12% promissory note to L&T Bank under a prearranged short-term line of credit Interest on the note was payable at maturity. Each firm's fiscal period is the calendar year. Required: 1. Prepare the journal entries to record (a) the issuance of the note by Blanton Plastics and (b) L&T Bank's recelvable on October 1, 2021 2. Prepare the journal entries by both firms to record all subsequent events related to the note through January 31, 2022 3. Suppose the face amount of the note was adjusted to include Interest (a noninterest-bearing note) and 12% is the bank's stated discount rate. (a) Prepare the journal entries to record the issuance of the noninterest-bearing note by Blanton Plastics on October 1, 2021, the adjusting entry at December 31, and payment of the note at maturity (b) What would be the effective Interest rate? Complete this question by entering your answers in the tabs below. Red Reg 2 Reg 3A Reg 30 Prepare the journal eatnes by both firms to record all subsequent events related to the note through January 31, 2022. (If no entry.is required for a transaction event select "No journal antey recuired in the first account field. Enter your answers in whole dollars) View ruction Rat Journal entry worksheet 2 3 Record the maturity of the note for L&T Bank. General Journal Debit Date January 31 2012 Credit