On June 1, 2014, MicroTel Enterprises lends $60,000 to MaxiDriver Inc. The loan will be repaid in
Question:
On June 1, 2014, MicroTel Enterprises lends $60,000 to MaxiDriver Inc. The loan will be repaid in 60 days with interest at 10%.
Required
1. Prepare the journal entry on MicroTel’s books on June 1, 2014.
2. Prepare the adjusting entry on MicroTel’s books on June 30, 2014.
3. Prepare the entry on MicroTel’s books on July 31, 2014, when MaxiDriver repays the principal and interest.
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1 2 3 Journal June 1 Notes Receivable Cash Entry ...View the full answer
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Related Book For 
Financial Accounting The Impact on Decision Makers
ISBN: 978-1285182964
9th edition
Authors: Gary A. Porter, Curtis L. Norton
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