C&Q Marketing (CQM) recently hired a new marketing director, Jeff Otos, for its main office. As...

 

Transcribed Image Text:

C&Q Marketing (CQM) recently hired a new marketing director, Jeff Otos, for its main office. As part of the arrangement, CQM agreed on February 28, 2020, to advance Jeff $95,000 on a one-year, 5 percent note, with interest to be paid at maturity on February 28, 2021. CQM prepares financial statements on June 30 and December 31. Required: 1. Prepare the journal entry that CSM will make when the note is established. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) C&Q Marketing (CQM) recently hired a new marketing director, Jeff Otos, for its main office. As part of the arrangement, CQM agreed on February 28, 2020, to advance Jeff $95,000 on a one-year, 5 percent note, with interest to be paid at maturity on February 28, 2021. CQM prepares financial statements on June 30 and December 31. Required: 1. Prepare the journal entry that CSM will make when the note is established. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Answer rating: 100% (QA)

The journal entry that CQM will make when the note is established on October 28 2... View the full answer