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very stumped on 4&5. please help!!! C&S Marketing (CSM) recently hired a new marketing director, Jeff Otos, for its downtown Minneapolis office. As part of
very stumped on 4&5. please help!!! 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, 2018, to advance Jeff $65.000 on a one-year, 8 percent note with interest to be paid at maturity on February 28, 2019. CSM prepares financial statements on June 30 and December 31 Prepare the journal entry CSM will make when the note is established, accrue interest on June 30 and December 31, and the interest and principal payments on February 28, 2019. (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.) Answer is not complete. Debit Credit No Date 1 Feb 28, 2018 General Journal Notes Receivable (short-term) Cash 65,000 65,000 2 Jun 30, 2018 1.733 Interest Receivable Interest Revenue >> 1,733 3 Dec 31, 2018 2,600 Interest Receivable Interest Revenue >> 2,600 4 Feb 28, 2019 S 70,200 Cash Notes Receivable (short-term) Interest Receivable Interest Revenue 65,000 X 867 > X Journal entry worksheet Record the receipt of the payment for the principal on the note's maturity date. Note: Enter debits before credits General Journal Debit Credit Date Feb 28, 2019 Record entry Clear entry View general journal
very stumped on 4&5. please help!!!
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