The following transactions took place for Smart Solutions Inc 2014 a. July 1 Loaned $72.000 to an

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The following transactions took place for Smart Solutions Inc

2014

a. July 1 Loaned $72.000 to an employee of the company and received back a one-year, 8 percent note

b Dec 31 Accrued interest on the note.

2015

c. July 1 Received interest on the note. (No interest has been recorded since December 31 )

d. July 1 Received principal on the note.

Required:

Prepare the journal entries that Smart Solutions Inc. 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.)

Related Book For answer-question

Fundamentals of Financial Accounting

ISBN: 978-0078025372

4th edition

Authors: Fred Phillips, Robert Libby, Patricia Libby

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Posted Date: May 28, 2019 02:32 AM

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The following transactions took place for Smart Solutions Inc 2014 a. July 1 Loaned $72.000 to an

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JOURNAL ENTRY DATE ACCOUNTS EXPLANATION DEBIT CREDIT 2014 Jul 1 Notes receivable a... View the full answer

Fundamentals of Financial Accounting

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