Meadow Produce sells fresh vegetables and fruits in Polk County. The following adjusted amounts were taken from the company’s accounting records at December 31, 2014.
Note Payable, 12%, 4 month, dated December 1, 2014 for $20,000 ( I figured out that the interest would be $200.00 a month) I just don’t know how to show it below in questions A. and B.
Note receivable, 10%, 6 month, dated October 1, 2014 for $12,000 ( I figured out that the interest would be $. a month) Again I don’t know how to show it on the balance sheet or income statement. I will be starting with a tutor next week but that’s too late for this assignment. Please I need help.
A.) Identify and analyze the effects on the accounting equation of any adjusting transactions that would be necessary at December 31, 2014 for the notes.
Balance Sheet Income statement
Assets = Liabilities + Stockholders Equity Revenues – Expenses = Net Income
B.) Fill in the partial balance sheet below by showing the notes and the effects of any adjustments related to the notes.
Current Assets Current Liabilities