Rainey Enterprises loaned $45,000 to Small Co. on June 1, Year 1, for one year at 7 percent interest Required a. 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 Co. (2) The adjusting entry at December 31, Year 1. (3) The adjusting entry and collection of the note on June 1. Year 2. Answer is complete but not entirely correct. No General Journal Credit Date Jun 01 Debit 45,000 Noles receivable Cash 45,000 Dec 31 2,100 % Interest receivable Interest revenue 2,100 % Jun 01 1,500 Interest receivable Interest revenue 1,500 Jun 01 04 18,600 X Cash Interest receivable Notes receivable 3,600 45,000 b. Show the effects of the three above transactions in a horizontal statements model. (In the Cash Flow column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity and NA to indicate the element is not affected by the event. Enter any decreases to account balances with a minus sign. Round your final answers to the nearest whole dollar.) Answer is not complete. Balance Sheet Income Statement Assets - Liab. + Equity Ret. Ear. Event Cash + Int. Note Rec. Revenue - Expense Net Income Cash Flows Rec. (45,000) + 45,000 6/1/Y1 12/31/Y1 6/1/Y2 2,100 1,500 X (3,600) 2,100 % 1,500 X 2,100 X 1,500 x 2,100 % 1,500 X 45,000) IA ONA 0 NA 45,000 IA = 6/1/72 48,600 X + (45,000) +