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Prepare the journal entry csm will make

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Reference no: EM132708410

Problem 1: 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 7 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 .

  1. Journal Entry 1 Record the receipt of a note on February 28 2018 for a $65,000 loan to an employee
  2. Date / General Journal/ Debit / Credit.
  3. Journal Entry 2 Jun 30 , 2018 Record interest accrued as June 30 2018 
  4. Journal Entry 3 Record the interest accrued on the note as of December 31,2018 . 
  5. Journal 4 Record the receipt of the payment for interest for the period ending February 28 ,2019 
  6. Journal Entry 5 Record the receipt of the payment for the principal on the notes maturity .

Reference no: EM132708410

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