Rainey Enterprises loaned $20,000 to Small Co. on June 1, Year 1, for one year at 6
Question:
Rainey Enterprises loaned $20,000 to Small Co. on June 1, Year 1, for one year at 6 percent interest.
Required
Show the effects of the following transactions in a horizontal statements model like the one shown here.
(1) The loan to Small Co.
(2) The adjusting entry at December 31, Year 1.
(3) The adjusting entry and collection of the note on June 1, Year 2.
Transcribed Image Text:
Balance Sheet Income Statement Statement of Assets Llab. Stk. Equity Cash Flows Date Cash + Notes Rec. + Int. Rec. Ret. Earn. Rev. Exp. = Net Inc.
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Related Book For
Survey Of Accounting
ISBN: 9781260575293
6th Edition
Authors: Thomas Edmonds, Christopher Edmonds, Philip Olds
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