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The following transactions took place for Smart Solutions Incorporated. 2020 a. July 1 Loaned $77,000 to employees of the company and received back one-year, 9 percent notes. b. December 31 Accrued interest on the notes. 2021 c. July 1 d. July 1 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

The following transactions took place for Smart Solutions Incorporated. 2020 a. July 1 Loaned $77,000 to employees of the company and received back one-year, 9 percent notes. b. December 31 Accrued interest on the notes. 2021 c. July 1 d. July 1 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

FINANCIAL ACCOUNTING
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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The following transactions took place for Smart Solutions Incorporated. 2020 a. July 1 Loaned $77,000 to employees of the company and received back one-year, 9 percent notes. b. December 31 Accrued interest on the notes. 2021 c. July 1 d. July 1 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.)
Transcribed Image Text:The following transactions took place for Smart Solutions Incorporated. 2020 a. July 1 Loaned $77,000 to employees of the company and received back one-year, 9 percent notes. b. December 31 Accrued interest on the notes. 2021 c. July 1 d. July 1 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.)
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