Answer :- Preparation of the entry to accrue the interest on June 30 :-
B.
June 30 Interest expense a/c Dr $ 125
To Interest Payable A/c $ 125
( 30,000 * 5% = 1500/12 = $125)
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Exercise 10-1 (Part Level Submission) Kelly Jones and Tami Crawford borrowed $30,000 on a 7-month, 5...
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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
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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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