Question: help please and thanks! Exercise 7-11A (Algo) Accounting for notes receivable L0 7.5 Rainey Enterpeises louned $40,000 to Simoll Company on Jone 1. Year tor

help please and thanks!

Exercise 7-11A (Algo) Accounting for notes receivable L0 7.5 Rainey Enterpeises louned $40,000 to Simoll Company on Jone 1. Year tor one year at 8 percent interest: Required: Show the eflects of the following transactons in a horizontal statements model. Notes Enter any decreases to account balances and cash outlows with a minus slgn. For changes on the Statement of Cash. Fows. indicate whether the item is an operating octivity (OA), investing actlvity (IA), or financing activity (FA), Not alf celis require input. Do not round intermediate caleulations. Round your final answers to the nearee whole dollac (1) The losn to Small Company (2) The adjustmen at December 31, Year 1. (3) The ocjustment and collection of the note on Junn 1, Year

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