Question: PLEASE MAKE CORRECTIONS TO THE INCORRECT FIELDS PLEASE. THANK YOU On June 1, 2016, MicroTel Enterprises lends $72,000 to MaxiDriver Inc. The loan will be

PLEASE MAKE CORRECTIONS TO THE INCORRECT FIELDS PLEASE. THANK YOU On

PLEASE MAKE CORRECTIONS TO THE INCORRECT FIELDS PLEASE. THANK YOU

On June 1, 2016, MicroTel Enterprises lends $72,000 to MaxiDriver Inc. The loan will be repaid in 60 days with interest at 9%. Assume a 360 -day year. Required: 1. Prepare the journal entry on MicroTel's books on June 1, 2016. How does this entry affect the accounting equation

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