Question

Fisher Enterprises loaned $15,000 to Hall Co. on June 1, 2013, for one year at 6 percent interest.

Required
a. Record these general journal entries for Fisher Enterprises:
(1) The loan to Hall Co.
(2) The adjusting entry at December 31, 2013.
(3) The adjusting entry and collection of the note on June 1, 2014.
b. Show the effects of the three above transactions in a horizontal statements model like the one shownbelow:


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  • CreatedOctober 26, 2013
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