Question
Kelly Jones and Tami Crawford borrowed $19,000 on a 7-month, 6% note from Gem State Bank to open their business, Sandhills Coffee House. The money
Kelly Jones and Tami Crawford borrowed $19,000 on a 7-month, 6% note from Gem State Bank to open their business, Sandhills Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023.
(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.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
June 1 | enter an account title to record the receipt of the funds from the loan on June 1enter an account title to record the receipt of the funds from the loan on June 1 | enter a debit amountenter a debit amount | enter a credit amountenter a credit amount |
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