Exercise $7-11$A $($Algo$)$ Accounting for notes recelvable LO $7-5$

Rainey Enterprises loaned $$30,000$ to Small Company on June $1,$ Year $1,$ for one year at $8$ percent interest.

Requlred

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.

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 $2.$

Journal entry worksheet

Record entry for loan provided to Small Company for one year at $8$ percent

interest.

Note: Enter debits before credits.