Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

help please View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. Pharoah Ltd. borrowed 63,600,000 on November 1, 2021, by

image text in transcribedhelp please
View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. Pharoah Ltd. borrowed 63,600,000 on November 1, 2021, by signing a 465,031.000, 3-month, zero-interest-bearing note. Prepare Pharoah's November 1, 2021, entry, the December 31, 2021. annual adjusting entry, and the February 1, 2022 entry. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indeniu when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit 1.2021 Cash 63600000 Notes Payable 65031000 1.2021 Interest Expense 954000 Discount on Notes Payable 954000 2022 Interest Expense 477000 Discount on Notes Payable 477000 (To record interest) 2022 Notes Payable 65031000 Cash 65031000 (To pay note) e Textbook and Media List of Accounts Save for Later Attempts: 1 of 2 used Submit Answer ORI 29C

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Management System Auditors Handbook

Authors: Joe Kausek

1st Edition

087389670X, 978-0873896702

More Books

Students also viewed these Accounting questions

Question

What is meant by a seller loan with a call privilege?

Answered: 1 week ago

Question

March 22: Dividend paid $500 cash. Journal entry

Answered: 1 week ago