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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
On November 1, Year 1 Shelter Company loaned $7,000 cash to Cove Company. The one-year note carried a 7% rate of interest. Which of the following shows how the loan will affect Shelter’s financial statements on November 1, Year 1?

Balance Sheet Assets Liab Equity NA NA NA Balance Sheet Assets Liab. Equity NA. NA NA Balance Sheet Assets Liabi Equity 7,000 7,000 NA Balance Sheet Assets Liab Equity 7,000 7,000 NA ncome Statement Rev Exp Net Inc NA NA NA ncome Statement Revi Exp Net Inc NA NA NA ncome Statement Rev Exp Net Inc NA NA NA ncome Statement Revi Exp Net Inc NA NA NA Statement of Cash Flows 7,000 Statement of Cash Flows 7,000) IA Statement of Cash Flows 7,000 FA Statement of Cash Flows 7,000) IA
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