PB8-3 (Algo) Recording Notes Receivable Transactions [LO 8-3] Stinson Company recently agreed to loan an employee $200,000 for the purchase of a new house. The loan was executed on May 31, 2021, and is a one-year, 6 percent note, with interest payments required on November 30, 2021, and May 31, 2022. Stinson issues quarterly financial statements on March 31, June 30, September 30, and December 31. Required: Prepare journal entries to record the below transactions for Stinson Company. (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 the nearest whole dollar.) 1. When the note is established. 2. To record the interest accruals at each quarter-end and interest payments at each payment date. 3. To record the principal payment at the maturity date.

PB8-3 (Algo) Recording Notes Receivable Transactions [LO 8-3] Stinson Company recently agreed to loan an employee $200,000 for the purchase of a new house. The loan was executed on May 31, 2021, and is a one-year, 6 percent note, with interest payments required on November 30, 2021, and May 31, 2022. Stinson issues quarterly financial statements on March 31, June 30, September 30, and December 31. Required: Prepare journal entries to record the below transactions for Stinson Company. (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 the nearest whole dollar.) 1. When the note is established. 2. To record the interest accruals at each quarter-end and interest payments at each payment date. 3. To record the principal payment at the maturity date.

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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