The following transactions took place for Smart Solutions Incorporated. 2020 a. July 1 b. December 2021 c. July 1 d. July 1 Loaned $70,000 to employees of the company and received back one-year, 10 percent notes. 31 Accrued interest on the notes. Received interest on the notes. (No interest has been recorded since December 31.) Received principal on the notes. Required: Prepare the journal entries that Smart Solutions Incorporated 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
The following transactions took place for Smart Solutions Incorporated. 2020 a. July 1 b. December 2021 c. July 1 d. July 1 Loaned $70,000 to employees of the company and received back one-year, 10 percent notes. 31 Accrued interest on the notes. Received interest on the notes. (No interest has been recorded since December 31.) Received principal on the notes. Required: Prepare the journal entries that Smart Solutions Incorporated 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following transactions took place for Smart Solutions Incorporated.
ces
2020
a. July 1
Loaned $70,000 to employees of the company and received back one-year, 10 percent notes.
b. December 31 Accrued interest on the notes.
2021
c. July 1
d. July 1
Required:
Prepare the journal entries that Smart Solutions Incorporated 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
Received interest on the notes. (No interest has been recorded since December 31.)
Received principal on the notes.
Journal entry worksheet
1
Loaned $70,000 to employees of the company and received back one-year, 10
percent notes. Record the transaction.
2
Note: Enter debits before credits.
<
Date
July 01, 2020
<
Journal entry worksheet
1
Date
Note: Enter debits before credits.
December 31, 2020
Record entry
1
Accrued interest on the notes. Record the transaction.
2
Journal entry worksheet
2
Date
July 01, 2021
Record entry
General Journal
3
3
Note: Enter debits before credits.
Date
July 01, 2021
Record entry
3
4
Note: Enter debits before credits.
4
Received interest on the notes. (No interest has been recorded since
December 31.) Record the transaction.
Journal entry worksheet
< 1 2
Clear entry
4
General Journal
Debit
Clear entry
General Journal
Received principal on the notes. Record the transaction.
Credit
General Journal
Clear entry
Debit
View general journal
Debit
Credit
Debit
Credit
View general journal
Credit
View general journal"
Transcribed Image Text:ok
The following transactions took place for Smart Solutions Incorporated.
ces
2020
a. July 1
Loaned $70,000 to employees of the company and received back one-year, 10 percent notes.
b. December 31 Accrued interest on the notes.
2021
c. July 1
d. July 1
Required:
Prepare the journal entries that Smart Solutions Incorporated 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
Received interest on the notes. (No interest has been recorded since December 31.)
Received principal on the notes.
Journal entry worksheet
1
Loaned $70,000 to employees of the company and received back one-year, 10
percent notes. Record the transaction.
2
Note: Enter debits before credits.
<
Date
July 01, 2020
<
Journal entry worksheet
1
Date
Note: Enter debits before credits.
December 31, 2020
Record entry
1
Accrued interest on the notes. Record the transaction.
2
Journal entry worksheet
2
Date
July 01, 2021
Record entry
General Journal
3
3
Note: Enter debits before credits.
Date
July 01, 2021
Record entry
3
4
Note: Enter debits before credits.
4
Received interest on the notes. (No interest has been recorded since
December 31.) Record the transaction.
Journal entry worksheet
< 1 2
Clear entry
4
General Journal
Debit
Clear entry
General Journal
Received principal on the notes. Record the transaction.
Credit
General Journal
Clear entry
Debit
View general journal
Debit
Credit
Debit
Credit
View general journal
Credit
View general journal
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