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The following transactions took place for Smart Solutions Incorporated. 2020 a. July 1 Loaned $63,000 to employees of the company and received back one-year, 8
The following transactions took place for Smart Solutions Incorporated.
| 2020 | |
|---|---|
| a. July 1 | Loaned $63,000 to employees of the company and received back one-year, 8 percent notes. |
| b. December 31 | Accrued interest on the notes. |
| 2021 | |
| c. July 1 | Received interest on the notes. (No interest has been recorded since December 31.) |
| d. July 1 | Received principal on the notes. |
Required:
- Received principal on the notes. Record the transaction.
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Financial Accounting
Authors: Arne E. Jorgensen
1st Edition
8759340886, 9788759340882
