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The following transactions took place for Parkers Grocery. a. Jan.1 Loaned $42,000 to a cashier of the company and received back a one-year, 8 percent
The following transactions took place for Parkers Grocery.
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4 value: 2.00 points E8-11 Recording Note Receivable Transactions, Including Accrual Adjustment for Interest [LO 8-3] The following transactions took place for Parker's Grocery. a. Jan. 1 Loaned $42,000 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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