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Exercise 10-1 Kelly Jones and TamiCrawford borrowed $21,000 on a 7 month, 8% note from Gem State Bank to open their business, O Coffee House.

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Exercise 10-1 Kelly Jones and TamiCrawford borrowed $21,000 on a 7 month, 8% note from Gem State Bank to open their business, O 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 eties are automatically indented when amount is entered. Do not indent manually.) Date Account Thies and Explanation Debit Credit une

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