Stinson Company recently agreed to loan an employee $100,000 for the purchase of a new house. The loan was executed on May 31, 2021, and is a one-year, 6 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.)

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.

1. Record the receipt of a note on May 31, 2021 for a $100,000 loan to an employee.

2. Record the interest accrued on the note as of June 30, 2021.

3. Record the interest accrued on the note as of September 30, 2021.

4.Record the receipt of interest for the period ending November 30, 2021.

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

6. Record the interest accrued on the note as of March 31, 2022.

7. Record the receipt of the payment for interest for the period ending May 31, 2022.

8. Record the receipt of the payment for the principal on the notes maturity date.