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10 C&Q Marketing (CQM) recently hired a new marketing director, Jeff Otos, for its main office. As part of the arrangement, CQM agreed on February
10 C&Q Marketing (CQM) recently hired a new marketing director, Jeff Otos, for its main office. As part of the arrangement, CQM agreed on February 28, 2017, to advance Jeff $80,000 on a one-year, 8 percent note, with interest to be paid at maturity on February 28, 2018. CQM prepares financial statements on June 30 and December 31. Required: 1. Prepare the journal entry that CSM will make when the note is established. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 00:43:44 View transaction list 2. Prepare the journal entries that CSM will make to accrue interest on June 30 and December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar amount.) View transaction list 0:43:22 3. Prepare the journal entry that CSM will make to record the interest and principal payments on February 28, 2018. Mf no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar amount.) View transaction list Journal entry worksheet 1 2 Record the receipt of interest on February 28, 2018. Note: Enter debits before credits. General Journal Debit Feb 28, 2018
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