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Prepare journal entries that smart solutions would record

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Reference no: EM132090504

Question - The following transactions took place for Smart Solutions Inc. 2014

a. July 1 Loaned $74,000 to an employee of the company and received back a one-year, 9 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.)

Reference no: EM132090504

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