Rainey Enterprises loaned $35,000 to Small Company on June 1, Year 1, for one year at 6 percent interest. Required: Show the effects of the following transactions in a horizontal statements model. Not...
A) Increase in loan receivable and cash
B) Increase in loan receivable and decrease in cash
C) Decrease in loan receivable and increase in cash
D) No effect on loan receivable or cash
