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Ontario Resources, a natural energy supplier, borrowed $81.0 million cash on November 1, 2021, to fund a geological survey. The loan was made by Quebec Banque under a short-term financing arrangement. Ontario Resources issued a 12-month, 10% 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.
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Ontario Resources, a natural energy supplier, borrowed $81.0 million cash on November 1, 2021, to fu...
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