Rainey Enterprises loaned $20,000 to Small Co. on June 1, Year 1, for one year at 6
Question:
Rainey Enterprises loaned $20,000 to Small Co. on June 1, Year 1, for one year at 6 percent interest.
Required
Show the effects of the following transactions in a horizontal statements model like the one shown next:
1. The loan to Small Co.
2. The adjustment at December 31, Year 1.
3. The adjustment and collection of the note on June 1, Year 2.
Transcribed Image Text:
Balance Sheet Income Statement Statement of Cash Assets Llab. + Equity Notes Ret. Earn. Int. Flows Net Date Cash + Rec. + Rec. = Exp. = Inc. Rev.
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Related Book For
Introductory Financial Accounting for Business
ISBN: 978-1260299441
1st edition
Authors: Thomas Edmonds, Christopher Edmonds
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