Babb Enterprises loaned ($ 25,000) to Sneathen Co. on September 1, 2011, for one year at 6
Question:
Babb Enterprises loaned \(\$ 25,000\) to Sneathen Co. on September 1, 2011, for one year at 6 percent interest.
Required
a. Record these general journal entries for Babb Enterprises:
(1) The loan to Sneathen Co.
(2) The adjusting entry at December \(31,2011\).
(3) The adjusting entry and collection of the note on September 1, 2012.
b. Show the effects of the three above transactions in a horizontal statements model like the one shown below.
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I can help you with that Here are the general journal entries for Babb Enterprises for the loan to Sneathen Co September 1 2011 Notes Receivable 25000 ...View the full answer
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