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Exerclse 7.11A (Algo) Accounting for notes recelvable LO 7.5 Rainey Enterpises loaned $35,000 to Small Company on June 1, Year 1, for one year at 8 percent interest. Requtred a. Record these general journal entries for Rainey Enterprises (1) The loan to Small Company. (2) The adjusting enty at December 31. Year 1. (3) The adjusting entry and collectlon 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 joumal eneries for Ra pey Enterprises: (If no entry is required for a transaction/evenci selec " No journal entry required in the first account fidd, Reond yof final answet, to the nearest whole dollar.) (1) the lan to smail comoand (2) The adjusting entry at Decenber 31. vear 1. (3) The adjusting erity and collectict of the note on lune 1, Year 2 . Journal entry worksheet interes: Wusw I futreetirm bedepeconds Journal entry worksheet Record adjusting entry for interest at December 31 , Year 1. Note: Enter debits before credits. Journal entry worksheet Record adjusting entry for interest at June 1 , Vear 2. Note: Enter debits before credits. Journal entry worksheet