Exercise 7-11A (Algo) Accounting for notes receivable LO 7.5 Rainey Enterprises loaned $45,000 to Small Company on June 1, Year 1, for one year at 7 percent interest. Required . Record these general joumal entries for Rainey Enterprises: (1) The loan to Small 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. Complete this question by entaring your answers in the tabs below. Record these oeneral journat entries for Painey Enterprises: (if no entry is required for a transaction/event, salect "No fournal entry required" in the first account field Round your final answers to the neareat whole dollar.) (1) The loar to Smail Company. (2) The adjusting entry at Deceenber 31 , Year 1 . (3) The adfusting entry and collection of the note on June 1 , Year 2 Complete this question by entering your answers in the tabs below. Record these general journal entries for Rainey Enterprises: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to the nearest whole dollar.) (1) The loan to Small Company. (2) The adjusting entry at December 31, Year 1. (3) The adjusting entry and collection of the note on June 1, Year 2