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Kelly Jones and Tami Crawtond borrowed 530000 on a 7 month 93 note from Geis Seate Bank to open their businens, Craneis Coffee Houre. The
Kelly Jones and Tami Crawtond borrowed 530000 on a 7 month 93 note from Geis Seate Bank to open their businens, Craneis Coffee Houre. The money was borrowed on fune 1, 2022. and the noke matures faniary 1, 2023. Prepare the entry to record the reckipt of the fundi from the loan. ICnedit acosunt sider are aubomatically indented when amount is mteret Do net indent marnalh. Prepare the entry to accrue the interest on June 30. (Credit account tities ore outomatically indentrd when amocint is entertat De not indent manually. Assuming adjusting entries are made at the end of each month, determine the balance in the interest Payable account at December 31,2022 Balance in interest payable account Prepare the entry required on January 1, 2023, when the loan is paid back. (Credit account tities are automatically indented when amount is entered Do not indent manualiy
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