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Bonita Hoadley and Amy Quayle borrowed $20,000 on a 7-month, 9% bank loan from BMO Bank of Montreal to open their business, B A's Coffee
Bonita Hoadley and Amy Quayle borrowed \$20,000 on a 7-month, 9% bank loan from BMO Bank of Montreal to open their business, B A's Coffee House Inc. The money was borrowed on June 1, 2022, and the loan matures January 1, 2023. Interest is due at maturity. (a) Prepare the entry required on January 1, 2023, when the bank loan is repaid along with interest owing. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to the nearest whole dollar, e.g. 5,275.)
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