The following transactions took place for Parker's Grocery. Loaned $59,000 to a cashier of the company and received back a one-year, 8 percent note a. Jan. 1 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. (If no entry is required for a transactionlevent, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 4 3 2 Record the receipt of a note on January 1 for a $59,000 loan to an employee. Note: Enter debits before credits. Credit Debit General Journal Date Jan 01 1* 164G 14 JOI 15 2hB to 144 % 5 $ R A

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Journal entries for a-d

The following transactions took place for Parker's Grocery.
Loaned $59,000 to a cashier of the company and received back a one-year, 8 percent note
a. Jan. 1
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. (If no entry is
required for a transactionlevent, select "No Journal Entry Required" in the first account field.)
View transaction list
Journal entry worksheet
4
3
2
Record the receipt of a note on January 1 for a $59,000 loan to an employee.
Note: Enter debits before credits.
Credit
Debit
General Journal
Date
Jan 01
1*
164G
14 JOI
15 2hB
to
144
%
5
$
R
A
Transcribed Image Text:The following transactions took place for Parker's Grocery. Loaned $59,000 to a cashier of the company and received back a one-year, 8 percent note a. Jan. 1 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. (If no entry is required for a transactionlevent, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 4 3 2 Record the receipt of a note on January 1 for a $59,000 loan to an employee. Note: Enter debits before credits. Credit Debit General Journal Date Jan 01 1* 164G 14 JOI 15 2hB to 144 % 5 $ R A
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