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The following transactions took place for Smart Solutions Incorporated. a. July 1 Loaned $66,000 to employees of the company and received back one-year, 8 percent
The following transactions took place for Smart Solutions Incorporated. a. July 1 Loaned $66,000 to employees of the company and received back one-year, 8 percent notes. b. December Accrued interest on the notes. 31 c. July 1 Received interest on the notes. (No interest has been recorded since December 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.) Journal entry worksheet Loaned $66,000 to employees of the company and received back one-year, percent notes. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Accrued interest on the notes. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Received interest on the notes. (No interest has been recorded since December 31.) Record the transaction. Note: Enter debits before credits. Journal entry worksheet 1 Received principal on the notes. Record the transaction. Note: Enter debits before credits
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