The following transactions took place for Parkell's Grocery. Jan. 1 Loaned $34,000 to a company cashier...
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The following transactions took place for Parkell's Grocery. Jan. 1 Loaned $34,000 to a company cashier and received back a one-year, 8 percent note. June 30 Accrund interest on the note. Dec. 31 aince June 30.) Received interest and principal on the note. (No isterest has been recorded Required: Prepare the journal entries that Parkell'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.) View transaction list Journal entry worksheet 1 2. 3 Record the issuance of loan. Note: Enter debits before credits. General Journal Debit Crodit Date January 01 Journal entry worksheet 3 4 Record the issuance of loan. Note: Enter debits before credits. Date General Journal Debit Credit January 01 View general journal Record entry Clear entry Journal entry worksheet 2 3 4 <> Record the accrued interest on the note. Note: Enter debits before credits. Date General Journal Debit June 30 Clear entry View general journal Record entry Journal entry worksheet 2 3 4 <> Record the interest received on the loan. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal Journal entry worksheet 1 2 Record the principal received on the loan. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal 4) 3. The following transactions took place for Parkell's Grocery. Jan. 1 Loaned $34,000 to a company cashier and received back a one-year, 8 percent note. June 30 Accrund interest on the note. Dec. 31 aince June 30.) Received interest and principal on the note. (No isterest has been recorded Required: Prepare the journal entries that Parkell'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.) View transaction list Journal entry worksheet 1 2. 3 Record the issuance of loan. Note: Enter debits before credits. General Journal Debit Crodit Date January 01 Journal entry worksheet 3 4 Record the issuance of loan. Note: Enter debits before credits. Date General Journal Debit Credit January 01 View general journal Record entry Clear entry Journal entry worksheet 2 3 4 <> Record the accrued interest on the note. Note: Enter debits before credits. Date General Journal Debit June 30 Clear entry View general journal Record entry Journal entry worksheet 2 3 4 <> Record the interest received on the loan. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal Journal entry worksheet 1 2 Record the principal received on the loan. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal 4) 3.
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Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
Posted Date:
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