Register
The following transactions took place for Smart Solutions Inc. 2017. a. July 1 Loaned $64,000 to an employee of the company and received back a one-year, 9 percent note. b. Dec. 31 Accrued interest on
81.2k views
3 votes
The following transactions took place for Smart Solutions Inc. 2017.

a. July 1 Loaned $64,000 to an employee of the company and received back a one-year, 9 percent note.
b. Dec. 31 Accrued interest on the note. 2018.
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.

User Csteinmueller
by
4.0k points

1 Answer

6 votes

Answer:

b

Step-by-step explanation:

because that's the true answer

User Sajad Abdollahi
by
4.2k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

4.4m questions

5.6m answers

Other Questions

Stevenson Company purchased equipment for $250,000 on January 1, 2010. The estimated salvage value is $50,000, and the estimated useful life is 5 years. The straight-line method is used for depreciation.
The method of appraisal in which the appraiser estimates the replacement cost of the building, deducts depreciation, and adds the value of the site is:________
The Yum and Yee food truck near the business school serves customers during lunch hour by taking orders and making fresh batches of stir-fry. Customers have only one choice during the lunch hour so that
If Morgan worked 15 hours last week and is paid $10 per hour the amount of money she makes before taxes and other expenses are taken out is called: A. Net revenue B Net pay C Gross revenue D Gross pay
0.71 points eBookPrintReferences Check my work Check My Work button is now enabledItem 2Item 2 0.71 points Kerianne paints landscapes, and in late 2021 placed four paintings with a retail price of $300
Link Copied!