Question

The following transactions took place for Parker s Grocery. Loaned $50,000 to a cashier of the company and received back a one-year, 8 percent not b June 30 Accrued interest on the note. Received interest on the note (No interest has been recorded since June 30.) d Dec 31 Received principal on the note. Required: Prepare the journal entries that Parker's Grocery 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.)