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Prepare the journal entries that parker grocery would record

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Reference no: EM133149971

Question - Recording Notes Receivable Transactions, Including Accrual Adjustment - The following transactions took place for Parker's Grocery.

a. January 1 Loaned $48,000 to cashiers of the company and received back one year, 8 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.

Reference no: EM133149971

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