Poole Enterprises loaned $30,000 to Boyd Co. on September 1, 2013, for one year at 6 percent
Question:
Required
a. Record these general journal entries for Poole Enterprises:
(1) The loan to Boyd Co.
(2) The adjusting entry at December 31, 2013.
(3) The adjusting entry and collection of the note on September 1, 2014.
b. Show the effects of the three above transactions in a horizontal statements model like the one shownbelow.
Transcribed Image Text:
Assets = Liab.+ Equity Rev.-Exp.= Net Inc. Cash Flows Date Cash Notes Rec. + Int. Rec. = Ret. Earn.
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Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
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