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Kelly Jones and Tami Crawford borrowed $15,750 on a 7-month, 8% note from Gem State Bank to open their business. Blossom's Coffee House. The money
Kelly Jones and Tami Crawford borrowed $15,750 on a 7-month, 8% note from Gem State Bank to open their business. Blossom's Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. (a) Your answer is partially correct. 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 June 1 Cash Notes Payable Debit 9600 Credit 9600
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