Cut your squares at 5". Forget 4 7/8! Draw the diagonal line from corner to corner, sew 1/4 inch on each side of the line. Once you have sewn BOTH sides, cut on the line and press them open. You will have 2 squares use your ruler and trim them down to desired size. Works everytime! Good luck, happy sewing. PM me if you need more help.
The measurements have already added in the seam allowance.