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 Minneapolis office. As part of the arrangement, CSM agreed on February 28, 2021, to advance Jeff $70,000 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 View journal entry worksheet No 1 2 3 4 5 Date February 28, 2021 Notes Receivable (short-term) Cash June 30, 2021 December 31, 2021 Interest Receivable Interest Revenue Interest Receivable Interest Revenue February 28, 2022 Cash Interest Receivable Interest Revenue General Journal February 28, 2022 Cash Notes Receivable (short-term) Debit Assessment Tool iFrame 70,000 1,633 2,450 4,083 70,000 Credit 70,000 1,633 2,450 5,883 9,800 70,000 Ⓒ
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 Minneapolis office. As part of the arrangement, CSM agreed on February 28, 2021, to advance Jeff $70,000 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 View journal entry worksheet No 1 2 3 4 5 Date February 28, 2021 Notes Receivable (short-term) Cash June 30, 2021 December 31, 2021 Interest Receivable Interest Revenue Interest Receivable Interest Revenue February 28, 2022 Cash Interest Receivable Interest Revenue General Journal February 28, 2022 Cash Notes Receivable (short-term) Debit Assessment Tool iFrame 70,000 1,633 2,450 4,083 70,000 Credit 70,000 1,633 2,450 5,883 9,800 70,000 Ⓒ
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
am1000.
![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 Minneapolis office. As part of the
arrangement, CSM agreed on February 28, 2021, to advance Jeff $70,000 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 View journal entry worksheet
No
1
2
3
4
5
Date
February 28, 2021 Notes Receivable (short-term)
Cash
June 30, 2021
December 31,
2021
Interest Receivable
Interest Revenue
Interest Receivable
Interest Revenue
February 28, 2022 Cash
Interest Receivable
Interest Revenue
General Journal
February 28, 2022 Cash
Notes Receivable (short-term)
Debit
Assessment Tool iFrame
70,000
1,633
2,450
4,083
70,000
Credit
70,000
1,633
2,450
5,883
9,800
70,000
Ⓡ](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb51b37df-d49e-470e-9363-3922b64e61bc%2F51ee3494-8f1f-4cc5-875e-c1c14a18b79d%2Fgo1kvg_processed.png&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 Minneapolis office. As part of the
arrangement, CSM agreed on February 28, 2021, to advance Jeff $70,000 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 View journal entry worksheet
No
1
2
3
4
5
Date
February 28, 2021 Notes Receivable (short-term)
Cash
June 30, 2021
December 31,
2021
Interest Receivable
Interest Revenue
Interest Receivable
Interest Revenue
February 28, 2022 Cash
Interest Receivable
Interest Revenue
General Journal
February 28, 2022 Cash
Notes Receivable (short-term)
Debit
Assessment Tool iFrame
70,000
1,633
2,450
4,083
70,000
Credit
70,000
1,633
2,450
5,883
9,800
70,000
Ⓡ
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