Exercise 7-11A Accounting for notes receivable LO 7-5Rainey Enterprises loaned $50,000 to Small Co. on June 1, Year 1, for one year at 7 percent interest. Requireda. 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.
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Exercise 7-11A Accounting for notes receivable LO 7-5Rainey Enterprises loaned $50,000 to Small Co....
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