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The following transactions took place for Smart Solutions Incorporated. 2020 a. July 1 Loaned $78,000 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 $78,000 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:
Prepare the journal entries that Smart Solutions Incorporated 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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