Assume Redlands, Inc. borrowed $200 from the Rancho Cucamonga Bank on November 1, 2014. The loan carried a 6% annual interest rate and was due on January 31, 2015.

Required: Make the necessary journal entries for both parties on November 1 and December 31, 2014.

Rancho Cucamonga Bank

Date	Accounts	Debit	Credit
11/1/14

Redlands, Inc.

Date	Accounts	Debit	Credit
11/1/14

Rancho Cucamonga Bank

Date	Accounts	Debit	Credit
12/31/14

Redlands, Inc.

Date	Accounts	Debit	Credit
12/31/14