Question
The following transactions took place for Smart Solutions Inc. 2017 a. July1Loaned $69,000 to an employee of the company and received back a one-year, 8
The following transactions took place for Smart Solutions Inc.
2017a.July1Loaned $69,000 to an employee of the company and received back a one-year, 8 percent note.
b.Dec.31Accrued interest on the note.2018
c.July1Received interest on the note. (No interest has been recorded since December 31.)
d.July1Received 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.)
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfiel
17th edition
1119503663, 1119571480, 1-119-50368-2, 111950368X, 978-1119503668
