ScholarMatic: Explanation & Answer
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The following transactions took place for Smart Solutions Inc.
2014 a. July 1 Loaned $76,000 to an employee of the company and
received back a one-year, 10 percent note. b. Dec. 31 Accrued
interest on the note. 2015 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.)
ScholarMatic: Explanation & Answer
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