Question
The Raie Company has a December 31st year end. On November 1, 2016 the Raine Company loaned an employee $18,000 and accepted a 3% (annual
The Raie Company has a December 31st year end. On November 1, 2016 the Raine Company loaned an employee $18,000 and accepted a 3% (annual interest rate), 2 year note from the employee. Interest on the note is due annually on October 31st, beginning October 31, 2017. The note's principal is due on October 31, 2018. The company does not use reversing entries. Prepare the Raine Company's Journal entries/adjusting journal entries on the following dates:
November 1, 2016:
Note Recievable 18,000
Cash 18,000
Decemeber 31, 2016:
Interest Recievable ???
Interest Revenue ???
October 31, 2017:
???
December 31, 2017:
???
October 31, 2018:
???
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