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please help me firgure out the rest of this problem! E8-10 Recording Note Receivable Transactions, Including Accrual Adjustment for Interest [LO 8-3] The following transactions
please help me firgure out the rest of this problem!
E8-10 Recording Note Receivable Transactions, Including Accrual Adjustment for Interest [LO 8-3] The following transactions took place for Smart Solutions Inc. 2014 a. July 1 b. Dec. 31 1 Loaned $78,000 to an employee of the company and received back a one-year, 8 percent note Accrued interest on the note 2015 c. July d. July Received interest on the note. (No interest has been recorded since December 31.) Received principal on the note 1 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.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Jul 01, 2014 | Notes Receivable 78,000 Cash 78,000 2Dec 31,2014 Interest Receivable 3,120 Interest Revenue 3,120 3Jul 01, 2015 Cash Interest Receivable 4Jul 01, 2015 Cash Notes Receivable
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