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The following transactions took place for Smart Solutions Inc. a. 2014 July 1 Loaned $63,000 to an employee of the company and received back a

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The following transactions took place for Smart Solutions Inc. a. 2014 July 1 Loaned $63,000 to an employee of the company and received back a one-year, 8 percent note. b. Dec. 31 2015 Accrued interest on the note. 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.) Record the receipt of a note on July 1, 2014 for a $63,000 loan to an employee

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