Please! help me with this question Ralney Enterprises loaned $20,000 to Small Co. on June 1, Year 1, for one year at 6 percent InterestRequiredShow the effects of the following transactions In a hortzontal statements. In the Cash Flow column, Indicate whether the Item Is anoperating activity (OA), an Investing activity (IA), or a financing activity (FA). For any element not affected by the event, leave the cellblank. (Not every cell wlll require entry. Do not round Intermedlate calculatlons. Enter any decreases to account balances and cashoutflows with a mlnus sign.)(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.RAINEY ENTERPRISESHorizontal Statements ModelAssetsEquityIncome StatementStatement of CashDateNotesInterestLiabilitiesRetainedFlowCashRevenueExpenseNet IncomeReceivableReceivableEarnings1.6/1/Y12. 12/31/Y1=3. 8/1/Y2 (Adjusting entry)6/1/Y2 (Collection of the note)< Prev4 of 20%23Next >Dw

Investing activity: It refers to the purchase and sell of long term assets and other business…

Ralney Enterprises loaned $20,000 to Small Co. on June 1, Year 1, for one year at 6 percent Interest Required Show the effects of the following transactions In a hortzontal statements. In the Cash Flow column, Indicate whether the Item Is an operating activity (OA), an Investing activity (IA), or a financing activity (FA). For any element not affected by the event, leave the cell blank. (Not every cell wlll require entry. Do not round Intermedlate calculations. Enter any decreases to account balances and cash outflows with a mlnus sign.) (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.

Ralney Enterprises loaned $20,000 to Small Co. on June 1, Year 1, for one year at 6 percent Interest Required Show the effects of the following transactions In a hortzontal statements. In the Cash Flow column, Indicate whether the Item Is an operating activity (OA), an Investing activity (IA), or a financing activity (FA). For any element not affected by the event, leave the cell blank. (Not every cell wlll require entry. Do not round Intermedlate calculations. Enter any decreases to account balances and cash outflows with a mlnus sign.) (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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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