On July 1, 2023, MegaMoney, Inc. loaned money to ShortOfCash company (SOC). MegaMoney had SOC sign a note for the loan. The following are the terms and other information pertaining to tl The following is a partial list of the accounts in MegaMoney's General Ledger. These are the only accounts you need for this problem. Cash Note Receivable (see below for a definition of this account) Interest Receivable (see below for a definition of this account) Interest Revenue (revenue account) Note Receivable account - An asset account that tracks the amount owed to the entity Note Receivable account - An asset account that tracks the amount owed to the entity (MegaMoney) by another company (SOC). This asset results from the entity making a loan to the other company and the other company signing a Note. The normal balance is a debit. Interest Receivable account - An asset account that tracks the amount of interest owed to the entity (MegaMoney) by another company (SOC). The normal balance is a debit. Use the forms on Tab in the Excel workbook Chapter 08b - Problem 8-1 to 8-4 Forms to complete this problem. Note: You are recording the transactions in MegaMoney's accounting system. Requirement 1 Prepare the July 1, 2023 General Journal entry to record the loan MegaMoney made to SOC. Hint: MegaMoney gave out the asset Cash. MegaMoney got in the asset Note Receivable. Requirement 2 Prepare the July 31, 2023 General Journal adjusting entry to increase the Interest Receivable account by the amount of interest MegaMoney earned on the Note Receivable for July. Requirement 3 Prepare the August 31, 2023 General Journal adjusting entry to increase the Interest Receivable account by the amount of interest MegaMoney earned on the Note Receivable for August. Use the forms on Tab in the Excel workbook Chapter 08b - Problem 8-1 to 8-4 Forms to complete this problem. Note: You are recording the transactions in MegaMoney's accounting system. Requirement 1 Prepare the July 1, 2023 General Journal entry to record the loan MegaMoney made to SOC. Hint: MegaMoney gave out the asset Cash. MegaMoney got in the asset Note Receivable. Requirement 2 Prepare the July 31, 2023 General Journal adjusting entry to increase the Interest Receivable account by the amount of interest MegaMoney earned on the Note Receivable for July. Requirement 3 Prepare the August 31, 2023 General Journal adjusting entry to increase the Interest Receivable account by the amount of interest MegaMoney earned on the Note Receivable for August. Requirement 4 Prepare the September 30,2023 General Journal entry to record the receipt of cash by MegaMoney from SOC for the July, August, and September interest. Hint: The account names have been put in the General Journal. Problem 8-3 Loan Money -- Accrue Monthly Interest -- Collect Interest Requirement 1 -- July 1 MegaMoney making the loan to SOC Requirement 2 -- Julv 31 Interest Receivable adiusting entrv Requirement 3 -- August 31 Interest Receivable adjusting entry Requirement 3 -- August 31 Interest Receivable adjusting entry Requirement 4 September 30 receipt of cash by MegaMoney for July, August, and September interest
