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Please correct incorrect sections! Thank you! Rainey Enterprises loaned $45,000 to Small Co. on June 1. 2018, for one year at 7 percent interest. Required
Please correct incorrect sections! Thank you!
Rainey Enterprises loaned $45,000 to Small Co. on June 1. 2018, for one year at 7 percent interest. Required Show the effects of the following transactions in a horizontal statements. In the Cash Flow column, indicate whether the item is an operating activity (OA), an investing activity (IA), or a financing activity (FA). For any element not affected by the event, leave the cell blank (Not every cell will require entry. Do not round intermediate calculations. Enter any decreases to account balances and cash outflows with a minus sign.) (1) The loan to Small Co. (2) The adjusting entry at December 31, 2018 (3) The adjusting entry and collection of the note on June 1, 2019 Answer is complete but not entirely correct. RAINEY ENTERPRISES Horizontal Statements Model Income Statement Date Equity Retained Earnings Cash D Assets Notes Receivable 45,000 Statement of Cash Flow - Expense Receivable (45,000 - (45.000) 6/1/18 12/31/18 6/1/19 6/1/19 1.838 1.313 (3 150) X 1 838 1838 13131313 1.838 1,313 4 8.150 . (45.000) + 45,000 A 3.150 OA 16/1/19
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