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Saved Help Save & Exit Submi On September 1, 2021, Triton Entertainment borrowed $24 million cash to fund a new Fun Park. The loan was
Saved Help Save & Exit Submi On September 1, 2021, Triton Entertainment borrowed $24 million cash to fund a new Fun Park. The loan was made by Nevada Bank under a noncommitted short-term financing arrangement. Triton issued a 9-month, 12% promissory note. Interest was payable at maturity. Triton's fiscal period is the calendar year. Required: 1. Prepare the journal entry for the issuance of the note by Triton. 2. Prepare the appropriate adjusting entry for the note by Triton on December 31, 2021. 3. Prepare the journal entry for the payment of the note at maturity. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 Record the $24 million cash borrowed by issuing a 9-month, 12% promissory note. Note: Enter debits before credits Transaction 1 General Journal Debit Credit Record entry Clear entry View general jour < Prev 33 of 36 Next >
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