C&S Marketing $($CSM$)$ recently hired a new marketing director, Jeff Otos, for its downtown

Minneapolis office. As part of the arrangement, CSM agreed on February $28,2021,$ to

advance Jeff $$50,000$ 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 $31.$

Prepare the journal entries that CSM will make:

$2$

$1.$ 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.