what is the entry to record the receipt of the funds from the loan? what is the entry to accrue the interest on June 30?
Q: Kelly Jones and Tami Crawford borrowed $30,000 on a 7-month, 9% note from Gem State Bank to open…
A: Prepare journal entry to record the receipt of the funds from the loan:
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- Kelly Jones and Tami Crawford borrowed $12,000 on a 7-month, 6% note from Gem State Bank to open their business, Cullumber's Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. (a) 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 June 11 Debit CreditKelly Jones and Tami Crawford borrowed $10,500 on a 7-month, 8% note from Gem State Bank to open their business, Oriole’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Prepare the entry to record the receipt of the funds from the loan. Date Account Titles and Explanation Debit Credit June 1 enter an account title to record the receipt of the funds from the loan on June 1enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account title to record the receipt of the funds from the loan on June 1enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amountenter a debit amountKelly Jones and Tami Crawford borrowed $30,000 on a 7-month, 9% note from Gem State Bank to open their business, Crane’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. 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 enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amount enter a credit amount enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amount enter a credit amount eTextbook and Media List of Accounts 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…
- Kelly Jones and Tami Crawford borrowed $33,000 on a 7-month, 6% note from Gem State Bank to open their business, Crane’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. 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 enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amount enter a credit amount enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amount enter a credit amount eTextbook and Media List of Accounts Prepare the entry to accrue the interest on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)…Jason and Matthew borrowed $38.400 on a 7-month, 5% note from Gem State Bank to open their business, Blossom's Coffee House The money was borrowed on June 1, 2025, and the note matures January 1, 2026. (a) ✓ Your answer is correct. Prepare the entry to record the receipt of the funds from the loan. (List all debit entries before credit entries, Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts) Date ne 1, 2025 Account Titles and Explanation (b) Question 5 of 12 Cash Date Notes Payable eTextbook and Medial Prepare the entry to accrue the interest on June 30, (List all debit entries before credit entries. Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts) Account Titles and Explanation Debit 38400 Credit Debit…Kelly Jones and Tami Crawford borrowed $30,000 on a 7-month, 9% note from Gem State Bank to open their business, Crane’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Correct answer iconYour answer is correct. 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 enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amount enter a credit amount enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amount enter a credit amount eTextbook and Media List of Accounts Partially correct answer iconYour answer is partially correct. Prepare the entry to accrue the interest on June 30. (Credit account titles…
- Anthony and Kevin borrowed $18,000 on a 7-month, 10% note from Gem State Bank to open their business, Sandhill's Coffee House. The money was borrowed on June 1, 2025, and the note matures January 1, 2026. (a) (b) (c) (d) Prepare the entry required on January 1, 2026, when the loan is paid back. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts) Date Account Titles and Explanation Debit 5 CrKelly Jones and Tami Crawford borrowed $26,000 on a 7-month, 6% note from Gem State Bank to open their business, Pharoah’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. what is the entry required on January 1, 2023, when the loan is paid back?On August 31, 2018, BetsyTotten borrowed $1,000 from Iowa State Bank. Totten signed a note payable, promising to paythe bank principal plus interest on August 31, 2019. The interest rate on the note is 6%. Theaccounting year of Iowa State Bank ends on June 30, 2019. Journalize Iowa State Bank’s (a)lending money on the note receivable at August 31, 2018, (b) accrual of interest at June 30, 2019,and (c) collection of principal and interest at August 31, 2019, the maturity date of the note.
- Michelle Anthony and Laura Crawford borrowed $18,000 on a 7-month, 10% note from Gem State Bank to open their business, Sandhill's Coffee House. The money was borrowed on June 1, 2027, and the note matures January 1, 2028. (a)-(b), (d) (a) (b) (d) Prepare a tabular summary to record the receipt of the funds from the loan. Prepare a tabular summary to accrue the interest on June 30. Prepare a tabular summary to record the repayment of the loan on January 1, 2028. 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.) (a) June 1, 2027 Assets Cash $ Notes Pay. Liabilities Interest Pay. + LAKelly Jones and Tami Crawford borrowed $10,500 on a 7-month, 8% note from Gem State Bank to open their business, Oriole’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Prepare the entry to accrue the interest on June 3 Date Account Titles and Explanation Debit Credit June 30On September 30, 2018, Team Bank loaned $94,000 to Kendall Warner on a one-year, 6% note. Team's fiscal year ends on December 31. Read the requirements. Requirement 1. Journalize all entries for Team Bank related to the note for 2018 and 2019. (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) Begin by recording the loan on September 30, 2018. Date Accounts and Explanation Debit Credit 2018 Sep. 30 Course Chat Time GB V
