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, (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 1 Reg 2 RoQ 3A Rug 30 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 (If no entry is required for a transaction/e/ent select "No joumal entry required in the first account field. Enter your answers in whole dollars.) Show less Vwraction Journal entry worksheet 2 Record the issuance of note Date October General Journal Debit Credit mework 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 (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 1 Reg 2 Reg JA Reg 36 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. (If no entry is required for a transaction/event, select "No joumal entry required in the first account field. Enter your answers in whole dollars.) Show less View transaction Journal entry worksheet 2.1 3 4 Record the adjusting entry More General Journal Debit Credit Date December 31.3021 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 1 Reg 2 Reg 3A Red 3D 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 (6) 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. (If no entry is required for a transaction event select "No joumal estry required in the first account fed Enter your answers in whole collars) Show less Vlow con Journal entry worksheet 3 Record the interesse pense maturity Date Buryst 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 (ay the issuance of the note by Blanton Plastics and (b) L&T Bank's receivable on October 1. 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? 2021. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3A Reg 38 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. If no entry is required for a transaction/event select "No joumal entry required in the first account field Enter your answers in whole dollars.) Show less Vluwmacbon Journal entry worksheet Record payment of the note pavable General Journal Date January 2022 Debit Credit