Journal entry worksheet Record the interest accrued on the note as of December 31, 2021. Note: Enter debits before credits. Date December 31, 2021 Record entry General Journal Clear entry Show Transcribed Text Journal entry worksheet < 1 2 3 Debit Credit View general journal Record the receipt of the payment for interest for the period ending February 28, 2022.
Journal entry worksheet Record the interest accrued on the note as of December 31, 2021. Note: Enter debits before credits. Date December 31, 2021 Record entry General Journal Clear entry Show Transcribed Text Journal entry worksheet < 1 2 3 Debit Credit View general journal Record the receipt of the payment for interest for the period ending February 28, 2022.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Journal entry worksheet
< 1 2
3 4
Record the interest accrued on the note as of December 31, 2021.
Note: Enter debits before credits.
Date
December 31, 2021
Record entry
Show Transcribed Text
Journal entry worksheet
< 1 2 3
Note: Enter debits before credits.
Date
February 28, 2022
Record entry
Record the receipt of the payment for interest for the period ending February
28, 2022.
Show Transcribed Text
Clear entry
Note: Enter debits before credits.
5
General Journal
Date
Journal entry worksheet
February 28, 2022
Record entry
5
General Journal
Clear entry
5
Record the receipt of the payment for the principal on the note's maturity
date.
General Journal
Debit
C
Clear entry
View general journal
Debit
Credit
View general journal
Debit
Credit
Credit
>
View general journal
![PA8-3 (Algo) Recording Notes Receivable Transactions [LO 8-3]
C&S Marketing (CSM) recently hired a new marketing director, Jeff Otos, for its downtown Minneapolls office. As part of the
arrangement, CSM agreed on February 28, 2021, to advance Jeff $70,000 on a one-year, 8 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 fleld. 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 4 5
Record the receipt of a note on February 28, 2021 for a $70,000 loan to an
employee.
Note: Enter debits before credits.
Date
February 28, 2021
Record entry
Show Transcribed Text
Journal entry worksheet
< 1 2 3 4 5
Note: Enter debits before credits.
General Journal
Date
June 30, 2021
Clear entry
Record the interest accrued on the note as of June 30, 2021.
Record entry
3
General Journal
Clear entry
Debit
Credit
View general journal
Debit
Credit
View general journal
>
>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F42fbcea6-afb7-4263-94fe-90d44597a0cf%2Fdf795b5e-b269-448d-99f7-dac8d08fc1ae%2F5mx8rth_processed.jpeg&w=3840&q=75)
Transcribed Image Text:PA8-3 (Algo) Recording Notes Receivable Transactions [LO 8-3]
C&S Marketing (CSM) recently hired a new marketing director, Jeff Otos, for its downtown Minneapolls office. As part of the
arrangement, CSM agreed on February 28, 2021, to advance Jeff $70,000 on a one-year, 8 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 fleld. 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 4 5
Record the receipt of a note on February 28, 2021 for a $70,000 loan to an
employee.
Note: Enter debits before credits.
Date
February 28, 2021
Record entry
Show Transcribed Text
Journal entry worksheet
< 1 2 3 4 5
Note: Enter debits before credits.
General Journal
Date
June 30, 2021
Clear entry
Record the interest accrued on the note as of June 30, 2021.
Record entry
3
General Journal
Clear entry
Debit
Credit
View general journal
Debit
Credit
View general journal
>
>
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