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how do yoy solve this part of the chart ? 3 PA8-3 (Algo) Recording Notes Receivable Transactions [LO 8-3) 1428 points C&S Marketing (CSM) recently
how do yoy solve this part of the chart ?
3 PA8-3 (Algo) Recording Notes Receivable Transactions [LO 8-3) 1428 points C&S Marketing (CSM) recently hired a new marketing director Jetr Otos. for its downtown Minneapolis office. As part of the arrangement CSM agreed on February 28, 2021, to advance Jeff $60,000 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 Required: Prepare the 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. To record the interest accruals at each quarter-end and interest payments at each payment date 3. to record the principal payment at the maturity date Book View transaction in Journal entry worksheet > Record the receipt of the payment for interest for the period ending February 20, 2022 Note Enter det before credits De Credit Date General Journal February 28, 2022 Cash interest Receivable Interest Ravenue Record entry Clear entry View general Journal Step by Step Solution
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