Question
The following transactions took place for Parkers Grocery. a. January 1 Loaned $42,000 to cashiers of the company and received back one-year, 8 percent notes.
The following transactions took place for Parkers Grocery.
| a. January 1 | Loaned $42,000 to cashiers of the company and received back one-year, 8 percent notes. |
|---|---|
| b. June 30 | Accrued interest on the notes. |
| c. December 31 | Received interest on the notes. (No interest has been recorded since June 30.) |
| d. December 31 | Received principal on the notes. |
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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Auditing Electronics Data Processing Systems
Authors: WATNE
1st Edition
0130516163, 978-0130516169
