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Exercise 7-11A (Algo) Accounting for notes receivable LO 7-5 Rainey Enterprises loaned $40,000 to Small...

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Exercise 7-11A (Algo) Accounting for notes receivable LO 7-5 Rainey Enterprises loaned $40,000 to Small Company on June 1, Year 1, for one year at 8 percent interest. Required a. Record these general joumal entries for Rainey Enterpises: (1) The loan to kimall Company. (2) The adjusting entry at December 31, Year 1. (3) The adjusting entry and collection of the note on June 1, Year 2. b. Show the effects of the three given transactions in a horizontal statements model. Answer is not complete. Complete this question by entering your answers in the tabs below. Show the effects of the three given transactions in a horizontal statements model. (In the Statement of Cash fiows column, use the intials OA to designate operatin activity, FA for finanding activity, and leave blank to indicate the element is not affected by the event. Enter any decreases to account balances and cash outfowi w final answers to the nearest whole dollars)

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