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
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 14RE: On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank....
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