On september 1 2013 triton entertainment borrowed 24, Ask an Expert

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On September 1, 2013, Triton Entertainment borrowed $24 million cash to fund a new Fun Park. The loan was made by Nevada Bank under a noncommitted short-term line of credit 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 , 2013.

3. Prepare the journal entry for the payment of the note at maturity.

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Date	General Journal	Debit	Credit

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9800746

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