okThe following transactions took place for Smart Solutions Incorporated.ces2020a. July 1Loaned $70,000 to employees of the company and received back one-year, 10 percent notes.b. December 31 Accrued interest on the notes.2021c. July 1d. July 1Required:Prepare the journal entries that Smart Solutions Incorporated would record for the above transactions. (If no entry is required for atransaction/event, select "No Journal Entry Required" in the first account field.)View transaction listReceived interest on the notes. (No interest has been recorded since December 31.)Received principal on the notes.Journal entry worksheet1Loaned $70,000 to employees of the company and received back one-year, 10percent notes. Record the transaction.2Note: Enter debits before credits.<DateJuly 01, 2020<Journal entry worksheet1DateNote: Enter debits before credits.December 31, 2020Record entry1Accrued interest on the notes. Record the transaction.2Journal entry worksheet2DateJuly 01, 2021Record entryGeneral Journal33Note: Enter debits before credits.DateJuly 01, 2021Record entry34Note: Enter debits before credits.4Received interest on the notes. (No interest has been recorded sinceDecember 31.) Record the transaction.Journal entry worksheet< 1 2Clear entry4General JournalDebitClear entryGeneral JournalReceived principal on the notes. Record the transaction.CreditGeneral JournalClear entryDebitView general journalDebitCreditDebitCreditView general journalCreditView general journal

Journal Entry :— It is an act of recording transaction in books of account when transaction…

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

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 94PSB

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