Do not give solution in image format Journal entry worksheet< 1 23 4Record the interest accrued on the note as of December 31, 2021.Note: Enter debits before credits.DateDecember 31, 2021Record entryShow Transcribed TextJournal entry worksheet< 1 2 3Note: Enter debits before credits.DateFebruary 28, 2022Record entryRecord the receipt of the payment for interest for the period ending February28, 2022.Show Transcribed TextClear entryNote: Enter debits before credits.5General JournalDateJournal entry worksheetFebruary 28, 2022Record entry5General JournalClear entry5Record the receipt of the payment for the principal on the note's maturitydate.General JournalDebitCClear entryView general journalDebitCreditView general journalDebitCreditCredit>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 thearrangement, CSM agreed on February 28, 2021, to advance Jeff $70,000 on a one-year, 8 percent note, with Interest to be paid atmaturity 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" Inthe first account fleld. Do not round Intermediate calculations. Round your final answers to whole dollar amount.)1. When the note is established2. Prepare the journal entries to accrue Interest on June 30 and December 31.3. to record the principal payment at the maturity dateView transaction listJournal entry worksheet< 1 2 3 4 5Record the receipt of a note on February 28, 2021 for a $70,000 loan to anemployee.Note: Enter debits before credits.DateFebruary 28, 2021Record entryShow Transcribed TextJournal entry worksheet< 1 2 3 4 5Note: Enter debits before credits.General JournalDateJune 30, 2021Clear entryRecord the interest accrued on the note as of June 30, 2021.Record entry3General JournalClear entryDebitCreditView general journalDebitCreditView general journal>>

A record is often kept in the accounting records, but it can also be kept in a single account,…

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.

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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