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denis23 [38]
3 years ago
14

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, 2018, to advance Jeff $55,000 on a one-year, 7 percent note, with interest to be paid at maturity on February 28, 2019. CSM prepares financial statements on June 30 and December 31. Prepare the journal entry that CSM will make when the note is established.

Business
1 answer:
KIM [24]3 years ago
8 0

Answer:

Please see attachment

Explanation:

Please see attachment

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Q 10.25: Admire County Bank agrees to lend Givens Brick Company $600,000 on January 1st. Givens Brick Company signs a $600,000,
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Answer:

Entry is given below

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Entry                      DEBIT          CREDIT

Notes payable     $600,000

Interest                 $36,000(w)

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