PA$8-3($Algo$)$ Recording Notes Receivable Transactions $[$LO $8-3]$

C&S Marketing $($CSM$)$ recently hired a new marketing director, Jeff Otos, for its downtown Minneapolls office. As part of the arrangement, CSM agreed on February $28,2021,$ to advance Jeff $$75,000$ on a one$-$year, $7$ percent note, with interest to be pald at maturity on February $28,2022.$ CSM prepares financlal statements on June $30$ and December $31.$

Required:

Prepare the Journal entries that CSM will make: $($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.$)$

When the note is established

Prepare the journal entries to accrue interest on June $30$ and December $31.$

to record the princlpal payment at the maturity date

Journal entry worksheet

Record the recelpt of a note on February $28,2021$ for a $$75,000$ loan to an employee.

Note: Enter debits before credits.

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