The following transactions took place for Parker’s Grocery. a. Jan. 1 Loaned $52,000 to a cashier of the company and received back a one-year, 9 percent note.b. June 30 Accrued interest on the note.c. Dec. 31 Received interest on the note. (No interest has been recorded since June 30.)d. Dec. 31 Received principal on the note. Required:Prepare the journal entries that Parker's Grocery 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.)

Prepare the journal entries to the given transactions:

Answered: The following transactions took place…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterD: Notes Payable And Notes Receivable

Section: Chapter Questions

Problem 2P

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The following transactions took place for Parker’s Grocery.

a.	Jan.	1	Loaned $52,000 to a cashier of the company and received back a one-year, 9 percent note.
b.	June	30	Accrued interest on the note.
c.	Dec.	31	Received interest on the note. (No interest has been recorded since June 30.)
d.	Dec.	31	Received principal on the note.

Required:

Prepare the journal entries that Parker's Grocery 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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