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During 2021, Oriole Company borrowed cash from Ivanhoe Company by issuing notes payable as follows: 1. 2 July 1, 2021, issued an eight-month, 5%
During 2021, Oriole Company borrowed cash from Ivanhoe Company by issuing notes payable as follows: 1. 2 July 1, 2021, issued an eight-month, 5% note for $69,000. Interest and principal are payable at maturity. November 1, 2021, Issued a three-month, 4% note for $48,000. Interest is payable monthly on the first day of the month. Principal is payable at maturity. Oriole has a December 31 fiscal year end and prepares adjusting entries on an annual basis. Prepare all necessary journal entries for Oriole Company to record the notes. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to the nearest whole dollar, eg. 5,275. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation July 1/21 Cash Notes Payable Nov. 1/21 v Cash Notes Payable Debit Credit 69000 48000
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