The following transactions took place for Parker’s Grocery and Prepare the journal entries that Parker's Grocery would record for the above transactions.
Jan. 1 loaned $84,000 to a cashier of the company and received back a one-year, 10 percent note.
June 30 accrued interest on the note.
Dec. 31 received interest and principal on the note. (No interest has been recorded since June 30.)