E8-10 Recording Note Receivable Transactions, Including Accrual Adjustment for Interest [LO 8-3] The following transactions took place for Smart Solutions Inc. 2012: July 1 Loaned $62,000 to an employee of the company and received back a one-year, 10 percent note. Dec. 31 Accrued interest on the note. 2013: July 1 Received interest and principal on the note. (No interest has been recorded since December 31.) Required: Prepare the journal entries that Smart Solutions Inc. would record for the above transactions. (If no entry is required for a transaction/event, select No Journal Entry Required in the first account field.) Date General Journal Debit CreditE8- 16 Analyzing and Interpreting Receivables Turnover Ratio and Days to Collect [LO 8-4] A recent annual report for FedEx Corporation contained the following data (in millions): Required: Determine the receivables turnover ratio and days to collect for 2010. (Use 365 days in a year. Do not round your intermediate calculations. Round your final answers to 1 decimal place.)