C&S Marketing (CSM) recently hired a new marketing director, Jeff Otos, for its downtown Minneapolis office. As part of the arrangement. CSM agreed on February 28, 2021, to advance Jeff $65,000 on a one-year, 7 percent note, with interest to be paid at maturity on February 28, 2022. CSM prepares financial statements on June 30 and December 31. Required: Prepare the journal entries that CSM will make: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to whole dollar amount.) 1. When the note is established 2. Prepare the journal entries to accrue interest on June 30 and December 31. 3. to record the principal payment at the maturity date View transaction list Journal entry worksheet < 1 2 3 Record the receipt of a note on February 28, 2021 for a $65,000 loan to an employee Note: Enter debits before credits Date February 28, 2021 5 General Journal Debit Credit

C&S Marketing (CSM) recently hired a new marketing director, Jeff Otos, for its downtown Minneapolis office. As part of the arrangement. CSM agreed on February 28, 2021, to advance Jeff $65,000 on a one-year, 7 percent note, with interest to be paid at maturity on February 28, 2022. CSM prepares financial statements on June 30 and December 31. Required: Prepare the journal entries that CSM will make: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to whole dollar amount.) 1. When the note is established 2. Prepare the journal entries to accrue interest on June 30 and December 31. 3. to record the principal payment at the maturity date View transaction list Journal entry worksheet < 1 2 3 Record the receipt of a note on February 28, 2021 for a $65,000 loan to an employee Note: Enter debits before credits Date February 28, 2021 5 General Journal Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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