Question

Poole Enterprises loaned $30,000 to Boyd Co. on September 1, 2013, for one year at 6 percent interest.

Required
a. Record these general journal entries for Poole Enterprises:
(1) The loan to Boyd Co.
(2) The adjusting entry at December 31, 2013.
(3) The adjusting entry and collection of the note on September 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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