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The following transactions took place for Parker's Grocery. Loaned $50,000 to a cashier of the company and received back a one-year, 8 percent note, Accrued
The following transactions took place for Parker's Grocery. Loaned $50,000 to a cashier of the company and received back a one-year, 8 percent note, Accrued interest on the note. Received interest on the note. (No interest has been recorded since June 30.) 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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