Rainey Enterprises loaned $35,000 to Small Company on June 1, Year 1, for one year at 7 percent interest.

Required

a. Record these general journal 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 entering your answers in the tabs below.

Rainey Enterprises loaned $35,000 to Small Company on June 1, Year 1 for one year at 7 percent interest: Required a. Record these general joumal entries for Raincy Enterprises: (1) The loan to Small Company. (2) The adjusting entry at December 31, Year 1. (3) The edjusting entry and coliection 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 entering your answers in the tabs below. Record these general foumal entries for Rainey Enterprises: (if ne entry is required for a transaction/event, select "No fournal entry required" in the first account field, Round your final answers to the nearest whole gollar.) (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