FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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
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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 > >
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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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