Kelly Jones and Tami Crawford borrowed $25,500 on a 7 month, 4% note from Gem St

Q: Kelly Jones and Tami Crawford borrowed $25,500 on a 7 month, 4% note from Gem St

1. 2. 3. 4. Jun-01 Cash $ 25,500 Note payable $ 25,500

ID: 2578646 • Letter: K

Question

Kelly Jones and Tami Crawford borrowed $25,500 on a 7 month, 4% note from Gem State Bank to open their business, June 1, 2017, and the note matures January 1, 2018. s ee ouse. The money was borrowed on 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 Credit June 1 Notes Payable Interest Payable Prepare the entry to accrue the interest on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit June 30

Explanation / Answer

Jun-01 Cash $ 25,500 Note payable $ 25,500

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Kelly Jones and Tami Crawford borrowed $25,500 on a 7 month, 4% note from Gem St

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