26 The following transactions took place for Parker's Grocery. a. January 1 Loaned $55,000 to cashiers of the company and received back one-year, 9 percent notes. b. June 30 Accrued interest on the notes. c. December 31 Received interest on the notes. (No interest has been recorded since June 30.) d. December 31 Received principal on the notes. Required: Prepare the journal entries that Parker's Grocery 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 Journal entry worksheet < 1 2 3 4 Loaned $55,000 to cashiers of the company and received back one-year, 9 percent notes. Record the transaction. Note: Enter debits before credits. Date January 01, 2024 General Journal Debit Credit 7
26 The following transactions took place for Parker's Grocery. a. January 1 Loaned $55,000 to cashiers of the company and received back one-year, 9 percent notes. b. June 30 Accrued interest on the notes. c. December 31 Received interest on the notes. (No interest has been recorded since June 30.) d. December 31 Received principal on the notes. Required: Prepare the journal entries that Parker's Grocery 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 Journal entry worksheet < 1 2 3 4 Loaned $55,000 to cashiers of the company and received back one-year, 9 percent notes. Record the transaction. Note: Enter debits before credits. Date January 01, 2024 General Journal Debit Credit 7
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...
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