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Linda Robert and Barbara borrowed $12,000 on a 7-month, 6% note from Gem State Bank to open their business, Cullumbers Coffee House. The money was

Linda Robert and Barbara borrowed $12,000 on a 7-month, 6% note from Gem State Bank to open their business, Cullumbers Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023.

(a)-(b), (d)

(a) Prepare a tabular summary to record the receipt of the funds from the loan.
(b) Prepare a tabular summary to accrue the interest on June 30.
(d) Prepare a tabular summary to record the repayment of the loan on January 1, 2023.

Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)

Assets

=

Liabilities

+

Stockholders Equity

Pd.-in Cap.

Retained Earnings

Cash

=

Notes Pay.

+

Interest Pay.

+

Common Stock

+

Revenue

-

Expense

-

Dividend

(a)

June 1, 2022

$enter a dollar amount

$enter a dollar amount

$enter a dollar amount

$enter a dollar amount

$enter a dollar amount

$enter a dollar amount

$enter a dollar amount

select an option Interest expenseBank charges expenseMiscellaneous expenseSales revenue

(b)

June 30, 2022

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

select an option Miscellaneous expenseBank charges expenseSales revenueInterest expense

(d)

Jan. 1, 2023

enter a dollar amount enter a dollar amount enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

select an option Bank charges expenseInterest expenseMiscellaneous expenseSales revenue

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