Problem

Accounting for notes receivableBabb Enterprises loaned $25,000 to Sneathen Co. on Septembe...

Accounting for notes receivable

Babb Enterprises loaned $25,000 to Sneathen Co. on September 1, 2012, for one year at 6 percent interest.

Required

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

(1)The loan to Sneathen Co.

(2)The adjusting entry at December 31, 2012.

(3)The adjusting entry and collection of the note on September 1, 2013.

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Solutions For Problems in Chapter 5

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