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E8-10 (Algo) Recording Notes Receivable Transactions, Including Accrual Adjustment for Interest (LO 8- 3] The...

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E8-10 (Algo) Recording Notes Receivable Transactions, Including Accrual Adjustment for Interest (LO 8- 3] The following transactions took place for Smart Solutions Incorporated. 2020 a. July 1 Loaned $62,000 to employees of the company and received back one-year, 10 percent notes. b. December 31 Accrued interest on the notes. 2021 c. July 1 Received interest on the notes. (No interest has been recorded since December 31.) d. July 1 Received principal on the notes. Required: Prepare the journal entries that Smart Solutions Incorporated 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.) View transaction lit > -year, 10 1 Loaned $62,000 to employees of the company and received back one-year, 10 percent notes. Record the transaction. 2 Accrued interest on the notes. Record the transaction. 3 Received interest on the notes. (No interest has been recorded since December 31.) Record the transaction. 4 Received principal on the notes. Record the transaction. abit Credit

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