Homework Answers
Solution:
| Date | Account title | Debit | Credit |
| 1-June | Cash | $26,000 | |
| Notes Payable | $26,000 | ||
| 30-June | Interest Expense ($26000*6%*1/12) | $130 | |
| Interest Payable | $130 | ||
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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 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
Debit
Credit
June 1
Prepare the entry to accrue the...
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help
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