The following transactions took place for Christ-off Solutions Ltd. 2013 July 1 .........Loaned $70,000 to an employee
Question:
2013
July 1 .........Loaned $70,000 to an employee of the company and received back a one- year, 10 percent note. Accrued interest on the note.
2014
July 1 ....... Received interest and principal on the note. (No interest has been recorded since December 31.)
Required:
Prepare the journal entries that Christ-off Solutions Ltd. would record for the above transactions?
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July 1 2013 dr Notes Receivable A 70000 cr Cash A 70000 Dec 31 2013 ...View the full answer
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Divya Munir
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Related Book For 
Fundamentals of Financial Accounting
ISBN: 978-1259103292
4th Canadian edition
Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh
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