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C&S Marketing (CSM) recently hired a new marketing director, Jeff Otos, for its downtown ...

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Accounting

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 28,2021, to
advance Jeff $50,000 on a one-year, 8 percent note, with interest to be paid at maturity on
February 28,2022. CSM prepares financial statements on June 30 and December 31.
Prepare the journal entries that CSM will make:
2
1. When the note is established.
2. Prepare the journal entries to accrue interest on June 30 and December 31.
3. to record the principal payment at the maturity date.

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