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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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