Exercise 10-1 (Part Level Submission) Kelly Jones and Tami Crawford borrowed $29

Question

Exercise 10-1 (Part Level Submission)

Kelly Jones and Tami Crawford borrowed $29,143 on a 7-month, 7% note from Gem State Bank to open their business, JC’s Coffee House. The money was borrowed on June 1, 2017, and the note matures January 1, 2018.

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

Date

Account Titles and Explanation

Debit

Credit

June 30

Explanation / Answer

Dear Student Thank you for using Chegg Please find below the answer and please give thumbs up   Statementshowing Computations Date Account Titles and Explanation Debit Credit June 30 Interest Expense Dr                  170.00 To Interest Payable                  170.00 (29,143 * 7%*1/12)

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