The following transactions took place for Parkers Grocery. a. Jan. 1 Loaned $ 50,000 to a cashier
Question:
a. Jan. 1 Loaned $ 50,000 to a cashier of the company and received back a one-year, 8 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.
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Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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