Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Kelly Jones and Tami Crawford borrowed $46,500 on a 7-month, 4% note from Gem State Bank to open their business, Wildhorse's Coffee House. The
Kelly Jones and Tami Crawford borrowed $46,500 on a 7-month, 4% note from Gem State Bank to open their business, Wildhorse's Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. (a) Your answer is 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 46500 Credit 46500
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started