Question
Rainey Enterprises loaned $30,000 to Small Co. on June 1, 2016, for one year at 7 percent interest. Required a. Record these general journal entries
Rainey Enterprises loaned $30,000 to Small Co. on June 1, 2016, for one year at 7 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, 2016. | |||||
(3) The adjusting entry and collection of the note on June 1, 2017. In Journal Entry Worksheet 1- Record entry for loan provided to small Co. for one year at 7 percent interest. 2-Record adjusting entry for interest revenue at December 31st 2016. 3-Record adjusting entry for interest revenue at June 1st 2017. 4-Record entry for collection of note and interest.
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