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LO 5-4 Exercise 5-11 Accounting for notes receivable Poole Enterprises loaned $30,000 to Boyd Co. on September 1, 2014, for one year at 6 percent

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LO 5-4 Exercise 5-11 Accounting for notes receivable Poole Enterprises loaned $30,000 to Boyd Co. on September 1, 2014, for one year at 6 percent interest. Required Show the effects of the following transactions in a horizontal statements model like the one shown below. (1) The loan to Boyd Co. (2) The adjusting entry at December 31, 2014 (3) The adjusting entry and collection of the note on September 1, 2015. Assets Llab. + Equity Rev. Exp. Net Inc. Cash Flow Date Cash + Notes Rec. + Int. Rec. Ret. Earn

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