Martinez Produce sells fresh vegetables and fruits in Sutton County. The following unadjusted amounts were taken from the company's accounting records at December 31, 2015:
Note Payable, 12%, 4-month, dated December 1, 2015, for $20,000 Note Receivable, 10%, 6-month, dated October 1, 2015, for $12,000
A Determine the effects on the accounting equation of any adjusting entries that would be necessary at December 31, 2015, for the notes.
B Fill in the partial balance sheet below by showing the notes and the effects of any adjustments related to the notes.

Question

Martinez Produce sells fresh vegetables and fruits in Sutton County. The following unadjusted amounts were taken from the company's accounting records at December 31, 2015:
Note Payable, 12%, 4-month, dated December 1, 2015, for $20,000 Note Receivable, 10%, 6-month, dated October 1, 2015, for $12,000
A Determine the effects on the accounting equation of any adjusting entries that would be necessary at December 31, 2015, for the notes.
  B Fill in the partial balance sheet below by showing the notes and the effects of any adjustments related to the notes.

Quizplus · Accepted Answer

The Answer of Martinez Produce sells fresh vegetables and fruits in Sutton County. The following unadjusted amounts were taken from the company's accounting records at December 31, 2015:
Note Payable, 12%, 4-month, dated December 1, 2015, for $20,000 Note Receivable, 10%, 6-month, dated October 1, 2015, for $12,000
A Determine the effects on the accounting equation of any adjusting entries that would be necessary at December 31, 2015, for the notes.
  B Fill in the partial balance sheet below by showing the notes and the effects of any adjustments related to the notes.

Martinez Produce Sells Fresh Vegetables and Fruits in Sutton County