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, 2020, to advance Jeff $50,000 on a one-year, 8 percent note, with interest to be paid at maturity on February 28, 2021. 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.

2- Prepare the journal entries that CSM will make to accrue interest on June 30 and December 31.

3- Prepare the journal entry that CSM will make to record the interest and principal payments on February 28, 2021.

PLEASE EXPLAIN EACH ONE IN DEPTH !!!