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Accounting & Finance
 Online Tutoring : Forum : Homework Help - Economics & Business Studies : Accounting & Finance
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Myg1032
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Joined: 10 June 2007
Location: United States
Posts: 1
Posted: 10 June 2007 at 10:21am | IP Logged Quote Myg1032

On June 1, 2007, MicroTel Enterprises lends $60,000 to Maxidriver Inc. The loan will be repaid in 60 days with interest at 10%

1. Determine the effects on the accounting equation of the loan on MicroTel's books on June 1, 2007.

2. Determine the effect on the accounting equation of the adjustments necessary on MicroTel's books on June 30, 2007.

3. Determine the effect on the accounting equation on MicroTel's books on July 31, 2007, when MaxiDriver repays the principal and interest.

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