Question
The following transactions took place for Parkers Grocery. a. Jan. 1 Loaned $48,000 to a cashier of the company and received back a one-year, 8
| The following transactions took place for Parkers Grocery. |
| a. | Jan. 1 | Loaned $48,000 to a cashier of the company and received back a one-year, 8 percent note. |
| b. | June 30 | Accrued interest on the note. |
| c. | Dec. 31 | Received interest on the note. (No interest has been recorded since June 30.) |
| d. | Dec. 31 | Received principal on the note. |
| Required: |
| Prepare the journal entries that Parker's Grocery 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.) |
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The Routledge Companion To Auditing
Authors: David Hay, W. Robert Knechel, Marleen Willekens
1st Edition
1138363081, 978-1138363083
