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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!
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 130,601Step by Step Solution
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