Record the issuance of the note by Ontario Resources-11/01/24 Record the adjusting entry for the...
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Record the issuance of the note by Ontario Resources-11/01/24
Record the adjusting entry for the note by Ontario Resources on December 31, 2024
Record the the payment of the note at maturity-08/01/25
Ontario Resources, a natural energy supplier, borrowed $80 million cash on November 1 , 2024 , to fund a geological survey. The loan was made by Quebec Banque under a shortterm financing arrangement. Ontario Resources issued a 9-month, 12\% promissory note with interest payable at maturity. Ontario Resources' fiscal period is the calendar year. Required: 1. Prepare the journal entry for the issuance of the note by Ontario Resources. 2. \& 3. Prepare the appropriate adjusting entry for the note by Ontario Resources on December 31, 2024 and journal entry for the payment of the note at maturity. Complete this question by entering your answers in the tabs below. Prepare the journal entry for the issuance of the note by Ontario Resources. Note: If no entry is required for a transaction/event, select "No journal entry required" in the fi whole dollars, not in millions. Journal entry worksheet Record the issuance of the note by Ontario Resources. Note: Enter debits before credits
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