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.)

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.)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 3E: Non-Interest-Bearing Notes Payable On November 16, 2019, Clear Glass Company borrowed 20,000 from...

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