Rainey Enterprises loaned $30,000 to Small Company on June 1, Year 1, for one year at 9 percent interest 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. . Show the effects of the three given transactions in a horizontal statements model. Complete this question by entering your answers in the tabs below. Required A Required Show the effects of the three given transactions in a horizontal statements model (in the Statement of Cash Flows column, use the initials OA to desig activity, FA for financing activity, and leave blank to indicate the element is not affected by the event. Enter any decreases to account belences and cas final answers to the nearest whole dola:) Event 6/1/1 1231/1 6/1/2 G/1/72 Cash Assets Notes Receivable Balance Sheet Interest Receivable Labis Stockholders Equity Retained Earnings Revenue Income Statement Expenses. Not Income Statement of Cash Flow
Rainey Enterprises loaned $30,000 to Small Company on June 1, Year 1, for one year at 9 percent interest 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. . Show the effects of the three given transactions in a horizontal statements model. Complete this question by entering your answers in the tabs below. Required A Required Show the effects of the three given transactions in a horizontal statements model (in the Statement of Cash Flows column, use the initials OA to desig activity, FA for financing activity, and leave blank to indicate the element is not affected by the event. Enter any decreases to account belences and cas final answers to the nearest whole dola:) Event 6/1/1 1231/1 6/1/2 G/1/72 Cash Assets Notes Receivable Balance Sheet Interest Receivable Labis Stockholders Equity Retained Earnings Revenue Income Statement Expenses. Not Income Statement of Cash Flow
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....
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