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The following transactions took place for Smart Solutions Inc. 2017 a. July Loaned $79, 000 to an employee of the company and received back a
The following transactions took place for Smart Solutions Inc. 2017 a. July Loaned $79, 000 to an employee of the company and received back a one-year, 10 percent note. b. Dec. 31 Accrued interest om the note. 2018 c. July1 Received interest on the note. No interest has been recorded since December 31.) d. July1 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 Journal entry worksheet 2 4 Record the receipt of a note on July 1, 2017 for a $79,000 loan to an employee Note: Enter debits before credits Date General Journal Debit Credit Jul 01, 2017 Record entry Clear entry View general journal
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