Debits and credits for carnival corporation

Reference no: EM13954078

Debits and Credits for Carnival Corporation

Assume that Carnival Corporation borrows $250 million by signing a promissory note. The next day the company uses the money to buy a new ship.

Required

1. What is the effect of each of these transactions on Carnival Corporation's accounting equation?

2. Prepare the journal entries to record both transactions in Carnival Corporation's records.

Reference no: EM13954078

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