Exercise 10-1 (Part Level Submission)

Kelly Jones and Tami Crawford borrowed $14,667on a7-month,9% note from Gem State Bank to open their business, JC's Coffee House. The money was borrowed on June 1, 2017, and the note matures January 1, 2018.

(a)

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.)

B. Accured interest :

C. Journal entry : Loan is paid back