Question
Kelly Jones and Tami Crawford borrowed $13,800 on a 7-month, 10% note from Gem State Bank to open their business, JCs Coffee House. The money
Kelly Jones and Tami Crawford borrowed $13,800 on a 7-month, 10% 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 | enter an account title for the journal entry on June 1 to record the receipt of the funds from the loan | enter a debit amount | enter a credit amount |
| enter an account title for the journal entry on June 1 to record the receipt of the funds from the loan |
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A Knowledge Audit Of A Private Higher Education Institution Enhancing Organisational Performance Through Effective Knowledge Management
Authors: Ushe Makambe
1st Edition
365951960X, 978-3659519604
