C&Q Marketing (CQM) recently hired a new marketing director, Jeff Otos, for its main office....
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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 $90,000 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.) View transaction list Journal entry worksheet Record the accrual of interest on June 30. Note: Enter debits before credits Credit Transaction General Journal Jun 30, 2020 interest receivable Interest revenue Debit 1.485 1.485 Journal entry worksheet Record the accrual of interest on December 31. Note: Enter debits before credits. General Journal Transaction Dec 31, 2020 Debit Credit Record entry Clear entry View general journal Journal entry worksheet
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