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Prepare journal entries that Smart Solutions Inc record

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Reference no: EM132502881

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

2017

a. July 1 Loaned $69,000 to an employee of the company and received back a one-year, 8 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.

Reference no: EM132502881

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