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Coronado Hoadley and Donna Quayle borrowed $15,200 on a 7-month, 9% bank loan from BMO Bank of Montreal to open their business, C Ds Coffee

Coronado Hoadley and Donna Quayle borrowed $15,200 on a 7-month, 9% bank loan from BMO Bank of Montreal to open their business, C Ds 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 to record the bank loan. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Jun. 1, 2022

enter an account title for the journal entry on June 1

enter a debit amount

enter a credit amount

enter an account title for the journal entry on June 1

enter a debit amount

enter a credit amount

b)

c)

d)

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