Rainey Enterprises loaned $20,000 to Small Co. on June 1, 2018, for one year at 6 percent

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Rainey Enterprises loaned $20,000 to Small Co. on June 1, 2018, for one year at 6 percent interest.

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Show the effects of the following transactions in a horizontal statements model like the one shown here.

(1) The loan to Small Co.

(2) The adjusting entry at December 31, 2018.

(3) The adjusting entry and collection of the note on June 1, 2019.

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Survey of Accounting

ISBN: 978-1259631122

5th edition

Authors: Thomas Edmonds, Christopher Edmonds, Philip Olds, Frances McNair, Bor Yi Tsay

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Question Posted: Jul 04, 2017 09:46 AM

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Rainey Enterprises loaned $20,000 to Small Co. on June 1, 2018, for one year at 6 percent

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