Question
On October 1, 2021, the company, XYZ, lent a supplier, RJC, $60,000 and a 8-month note receivable was signed requiring principal and interest at
On October 1, 2021, the company, XYZ, lent a supplier, RJC, $60,000 and a 8-month note receivable was signed requiring principal and interest at an annual interest rate of 6% to be paid on May 31, 2022. Copy the entire question(1, 2 and 3) along with the tables below to answer in the same format. 1.) Prepare the adjusting entry for 12/31/21 for XYZ if no additional entries have been made for this transaction since 10/1/21. Date Account Title/Description Debit Credit 2.) Prepare the adjusting entry for 12/31/21 for RJC if no additional entries have been made for this transaction since 10/1/21 Date Account Title/Description Debit Credit 3.) Prepare the entry that would be made by the RJC on May 31, 2022 for the payment of the amount due to XYZ if the company does not make reversing entries. Date Account Title/Description Debit Credit
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