he following transactions took place for Smart Solutions Inc. 2017 a. July 1 Loaned $75,000 to an employee of the company and received back a one-year, 8 percent note.b. Dec. 31 Accrued interest on the note. 2018 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.)

Prepare journal entries in the books of Smart Solutions Inc.a. Record the money loaned to an…

Answered: he following transactions took place…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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he following transactions took place for Smart Solutions Inc.

	2017
a.	July	1	Loaned $75,000 to an employee of the company and received back a one-year, 8 percent note.
b.	Dec.	31	Accrued interest on the note.
	2018
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.)

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