Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need help filling out the last few boxes! On September 30, 2021, Coronado Corporation received a three-year, 12%, $1,300,000 bank loan. The terms provide for

Need help filling out the last few boxes!

image text in transcribedimage text in transcribedimage text in transcribed

On September 30, 2021, Coronado Corporation received a three-year, 12%, $1,300,000 bank loan. The terms provide for payment of the bank loan with quarterly instalment payments of $130,601, starting on December 31. Coronado has a November 30 year end and records adjusting entries annually. (a) Your answer is correct. Record the receipt of the bank loan on September 30, 2021. (Round answers to the nearest whole dollar, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit Sept. 30 Cash 1,300,000 Bank Loan Payable 1,300,000 (b) Your answer is correct. Record the accrual of interest expense on November 30, 2021. (Round answers to the nearest whole dollar, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit Nov. 30 Interest Expense 26000 Interest Payable 26000 e Textbook and Media Record the first two instalment payments, on December 31, 2021, and March 31, 2022. (Round answers to the nearest whole dollar, e.g. 5,250. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit Date Dec. 31, 2021 Interest Payable 39000 Interest Expense Bank Loan Payable Cash 130,601 Mar. 31, 2022 Interest Expense Bank Loan Payable Cash 130,601

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

Step: 3

blur-text-image

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

Accounting In Business

Authors: R. J. Bull

5th Edition

0408014865, 978-0408014861

More Books

Students also viewed these Accounting questions

Question

Compute units-of-output depreciation.

Answered: 1 week ago