PB$8-3($Algo$)$ Recording Notes Receivable Transactions $[$LO $8-3]$

Stinson Company recently agreed to loan an employee $$190,000$ for the purchase of a new house. The loan was executed on May $31,2021,$ and is a one$-$year, $5$ percent note, with interest payments required on November $30,2021,$ and May $31,2022$ Stinson issues quarterly financial statements on March $31,$ June $30,$ September $30,$ and December $31.$

Required:

Prepare journal entries to record the below transactions for Stinson Company. $($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 the nearest whole dollar.$)$

When the note is established.

To record the interest accruals at each quarter$-$end and interest payments at each payment date.

To record the principal payment at the maturity date.

Journal entry worksheet