Rainey Enterprises loaned $50,000 to Small Co. on June 1, 2018, for one year at 9 percent interest.
Required:
Show the effects of the following transactions in a horizontal statements.
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.
Answers: 1
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Rainey Enterprises loaned $50,000 to Small Co. on June 1, 2018, for one year at 9 percent interest....
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