Question

Cachet Enterprises loaned $30,000 to Craft Co. on September 1, 2016, for one year at 6 percent interest.
Required
a. Record these general journal entries for Cachet Enterprises:
(1) The loan to Craft Co.
(2) The adjusting entry at December 31, 2016.
(3) The adjusting entry and collection of the note on September 1, 2017.
b. Show the effects of the three above transactions in a horizontal statements model like the one shown below.


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  • CreatedApril 20, 2015
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