Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please correct what i have for PART B Rainey Enterprises loaned $30,000 to Small Company on June 1. Year 1, for one year at 9

please correct what i have for PART B
image text in transcribed
image text in transcribed
image text in transcribed
Rainey Enterprises loaned $30,000 to Small Company on June 1. Year 1, for one year at 9 percent intere Required a. Record these general journal entries for Rainey Enterprises: (1) The loan to Small Company. (2) The adjusting entry at December 31. Year 1. (3) The adjusting entry and collection of the note on June 1, Year 2. b. Show the effects of the three given transactions in a horizontal statements model. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required A Required B 700 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 Company (2) The adjusting entry at December ai, Year 1. (3) The adjusting entry and collection of the note on June 1, Year 2. Show less No Date 6/1/Year 1 General Journal Credit 1 Notes receivable Cash Ols Debit 30,000 30,000 2 12/31/Year 1 Interest receivable Interest revenue 1,575 3 1575 3 6/1/Year 2 Interest receivable Interest revenue 1,125 1.125 4 6/1/Year 2 OO OOO Cash Interest receivable Notes receivable 32.700 2.700 30.000 Rental > Answer is not complete Complete this question by entering your answers in the tabs below. ed Red Show the effects of the three given tractions in a horizontal statements model in the Statement of Christ, the total activity. For financing activity and leave blanke to indicate the element is not edited by the went Enter any decreases to account balance and how finalwers to the whole dar) Balance Sheet Income Schaders Fy St. No Halle 30.000 Inst Receivable 00.000) 1975 1575 1/ 12001 112 V2 1.575 1,125 2001 TING 2700 . 2700 OOO 30001 - Required

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Economics Of Accounting Information In Markets

Authors: Peter Ove Christensen, Gerald Feltham

2nd Edition

1402072295, 9781402072291

More Books

Students also viewed these Accounting questions

Question

$750 is what percent more than $250?

Answered: 1 week ago

Question

How to Construct a Relative Frequency Histogram

Answered: 1 week ago