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I just need Answer for 2 and 3 with the process ?????? thanks !!!!! Rainey Enterprises loaned $35,000 to Small Co. on June 1, Year
I just need Answer for 2 and 3 with the process ?????? thanks !!!!!
Rainey Enterprises loaned $35,000 to Small Co. on June 1, Year 1, for one year at 6 percent interest. Required a. Record these general journal entries for Rainey Enterprises: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to the nearest whole dollar.) (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. No Date General Journal Credit Debit 35,000 1 Jun 01 Notes receivable Cash 35,000 Dec 31 Interest receivable 1,600 X Interest revenue 1,600 x Jun 01 Interest receivable 1,400 X Interest revenue 1,400 XStep by Step Solution
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