Homework Answers
Answer:
Prepared journal entry to smart solutionsLtd.
| Date | Account title and explanation | Debit | Credit |
| July-1,2009 | Notes Receivable | 17000 | |
| Cash | 17000 | ||
| (Being loaned received to an employee of the company) | |||
| Dec-312009 | Interest receivable (17000*10.4%*6/12) | 884 | |
| Interest income | 884 | ||
| (Being accrued interested on 10.4% loan amount for the period 6 moth) | |||
| July-1,2010 | Cash(17000*10.4%) | 1768 | |
| Interest receivable | 1768 | ||
| (Being received total interest accrued) | |||
| July-1,2010 | Cash | 17000 | |
| Note receivable | 17000 | ||
| (Received total principle on the note receivable) |
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