Exercise 10 1 Kelly Jones and Tami Crawford borrowed $19,000 on a 7 month, 6 note from Gem State Bank to open their business, JCs Coffee House The money was borrowed on June 1, 2017, and the note matures January 1, 2018 Prepare the entry to record the receipt of the funds from the loan (Credit account titles are automatically indented when amount is entered Do not indent manually ) Date Account Titles and Explanation Debit Credit June 1 SHOW LIST OF ACCOUNTS Prepare the entry to accrue the interest on June 30 (Credit account titles are automatically indented when amount is entered Do not indent manually ) Date Account Titles and Explanation Debit Credit June 30 SHOW LIST OF ACCOUNTS Assuming adjusting entries are made at the end of each month, determine the balance in the interest payable account at December 31, 2017 Balance in interest payable account $ SHOW LIST OF ACCOUNTS Prepare the entry required on January 1, 2018, when the loan is paid back (Credit account titles are automatically indented when amount is entered Do not indent manually ) Date Account Titles and Explanation Debit Credit Jan 1, 2018 List Of Accounts CLOSE Exercise 10 1 Accounts Payable Accounts Receivable Accumulated Depreciation Equipment Accrued Pension Liability Bonds Payable Buildings Cash Common Stock Cost of Goods Sold Current Portion of Long Term Debt Depreciation Expense Discount on Bonds Payable Dividends Equipment Federal Income Taxes Payable Federal Unemployment Taxes Payable FICA Taxes Payable Gain on Bond Redemption Income Tax Expense Income Taxes Payable Insurance Expense Interest Expense Interest Payable Inventory Land Loss on Bond Redemption Mortgage Payable No Entry Notes Payable Other Operating Expenses Payroll Tax Expense Premium on Bonds Payable Prepaid Insurance Property Taxes Payable Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Sales Taxes Payable Service Revenue Share Premium Conversion Equity State Income Taxes Payable State Unemployment Taxes Payable Subscription Revenue Ticket Revenue Unearned Rent Revenue Unearned Sales Revenue Unearned Service Revenue Unearned Subscription Revenue Unearned Ticket Revenue Union Dues Payable Warranty Liability

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Exercise 10-1 Kelly Jones and Tami Crawford borrowed $19,000 on a 7-month, 6% note from Gem State Bank to open their business, JCs Coffee House.

Exercise 10-1

Kelly Jones and Tami Crawford borrowed $19,000 on a 7-month, 6% note from Gem State Bank to open their business, JCs Coffee House. The money was borrowed on June 1, 2017, and the note matures January 1, 2018.

Prepare the entry to record the receipt of the funds from the loan. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
June 1

SHOW LIST OF ACCOUNTS

Prepare the entry to accrue the interest on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
June 30

SHOW LIST OF ACCOUNTS

Assuming adjusting entries are made at the end of each month, determine the balance in the interest payable account at December 31, 2017.

Balance in interest payable account

image text in transcribed

SHOW LIST OF ACCOUNTS

Prepare the entry required on January 1, 2018, when the loan is paid back. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 1, 2018

List Of Accounts

Exercise 10-1

Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Accrued Pension Liability Bonds Payable Buildings Cash Common Stock Cost of Goods Sold Current Portion of Long-Term Debt Depreciation Expense Discount on Bonds Payable Dividends Equipment Federal Income Taxes Payable Federal Unemployment Taxes Payable FICA Taxes Payable Gain on Bond Redemption Income Tax Expense Income Taxes Payable Insurance Expense Interest Expense Interest Payable Inventory Land Loss on Bond Redemption Mortgage Payable No Entry Notes Payable Other Operating Expenses Payroll Tax Expense Premium on Bonds Payable Prepaid Insurance Property Taxes Payable Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Sales Taxes Payable Service Revenue Share Premium-Conversion Equity State Income Taxes Payable State Unemployment Taxes Payable Subscription Revenue Ticket Revenue Unearned Rent Revenue Unearned Sales Revenue Unearned Service Revenue Unearned Subscription Revenue Unearned Ticket Revenue Union Dues Payable Warranty Liability