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Rainey Enterprises loaned $40,000 to Small Co. on June 1, Year 1, for one year at 7 percent interest. Required a. Record these general journal
Rainey Enterprises loaned $40,000 to Small Co. on June 1, Year 1, 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, Year 1. (3) The adjusting entry and collection of the note on June 1, Year 2. Journal entry worksheet 1 N 2 3 4 > Record entry for loan provided to small Co. for one year at 7 percent interest. Note: Enter debits before credits. General Journal Debit Credit Date Jun 01 Record entry Clear entry View general journal Journal entry worksheet Record adjusting entry for interest revenue at December 31st Year 1. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general journal Journal entry worksheet Record adjusting entry for interest revenue at June 1st Year 2. Note: Enter debits before credits. Date General Journal Debit Credit Jun 01 Record entry Clear entry View general journal Journal entry worksheet Record entry for collection of note and interest. Note: Enter debits before credits. General Journal Debit Credit Date Jun 01 Record entry Clear entry View general journal
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