The following transactions took place for smart solutions inc.2017
a. july 1 loaned $74,000 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. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)