FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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2020
a. July 1
b. December
31
2021
c. July 1
d. July 1
Loaned $62,000 to employees of the company and received back one-year, 10 percent
notes.
Accrued interest on the notes.
Received interest on the notes. (No interest has been recorded since December 31.)
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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Transcribed Image Text:2020 a. July 1 b. December 31 2021 c. July 1 d. July 1 Loaned $62,000 to employees of the company and received back one-year, 10 percent notes. Accrued interest on the notes. Received interest on the notes. (No interest has been recorded since December 31.) 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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