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The following transactions took place for Smart Solutions Inc. 2017 a. July 1 Loaned $67,000 to an employee of the company and received back
The following transactions took place for Smart Solutions Inc. 2017 a. July 1 Loaned $67,000 to an employee of the company and received back a one-year, 9 percent note. b. Dec. 31 Accrued interest on the note. 2018 c. July 1 Received interest on the note. (No interest has been recorded since December 31.) d. July 1 Received principal on the note. 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 1 Jul 01, 2017 Notes Receivable Cash 2 Dec 31, 2017 Interest Receivable Interest Revenue 3 Jul 01, 2018 Cash Interest Receivable Interest Revenue General Journal Debit Credit 67,000 67,000 4 Jul 01, 2018 Cash 67,000 Notes Receivable 67,000
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