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Sunland Hoadley and Jennifer Quayle borrowed $20,800 on a 7-month, 9% bank loan from BMO Bank of Montreal to open their business, S J's
Sunland Hoadley and Jennifer Quayle borrowed $20,800 on a 7-month, 9% bank loan from BMO Bank of Montreal to open their business, S J's Coffee House Inc. The money was borrowed on June 1, 2022, and the loan matures January 1, 2023. Interest is due at maturity. (a) Prepare the entry to record the bank loan. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Jun. 1, 2022 I Debit Credit
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the journal entry to record the bank loan for 5 Js Coffee House Inc is as follows ...
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Financial Accounting Tools for Business Decision Making
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
5th Edition
9781118560952, 1118560957, 978-0470239803
