Question: 11/3pt1 Required: Prepare the journal entry Stinson will make when the note is established. Prepare the journal entries Stinson will make to record the interest

11/3pt1

Required:

Prepare the journal entry Stinson will make when the note is established.
Prepare the journal entries Stinson will make to record the interest accruals at each quarter-end and interest payments at each payment date.
Prepare the journal entry Stinson will make to record the principal payment at the maturity date.

|| PB8-3 RECORDING NOTES RECEIVABLE TRANSACTIONS LO 8-3 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: 1. Prepare the journal entry Stinson will make when the note is established. 2. Prepare the journal entries Stinson will make to record the interest accruals at each quarter-end and interest payments at each payment date. 3. Prepare the journal entry Stinson will make to record the principal payment at the maturity date.

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