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 $28$th$,2021,$ to advance Jeff $$70,000$ on a one$-$year, $7$ percent note, with interest to be paid at maturity on February $28$th$,2022.$ CSM prepares financial statements in June $30$th and December.

Required:

Prepare Journal Entries that CSM will make: $($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to whole dollar amount$).$

$1.$ When the note is established

$2.$ Prepare journal entries to accrue interest on June $30$ and December $31.$

$3.$ To record the principal payment at the maturity date.

A$.$ Record the receipt of a note on February $28,2021$ for a $$70,000$ loan to an employee.

B$.$ Record the interest accrued on the note of June $30,2021.$

C$.$ Record the interest accrued on the note as of December $31,2021.$

D$.$ Record the receipt of the payment for interest for the period ending February $28,2022.$

E$.$ Record the receipt of the payment for the principal on the note's maturity date.

RECORD THESE AS JOURNAL ENTRIES