AP Kelly Jones and Tami Crawford borrowed $15,000 on a 7-month, 8% note from Gem State Bank to open their business, JC's Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Required:
a. Prepare the entry to record the receipt of the funds from the loan.
b. Prepare the entry to accrue the interest on June 30.
c. Assuming adjusting entries are made at the end of each month, determine the balance in the Interest Payable account at December 31, 2022.
d. Prepare the entry required on January 1, 2023, when the loan is paid back.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “AP Kelly Jones and Tami Crawford borrowed $15,000 on a 7-month, 8% note from Gem State Bank to open their business, JC's Coffee House. The ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Your friend Kayla calls you and says "Don't open the email you received from my email account! Something is wrong with my computer. I didn't send it, but a number of friends told me they received a weird email from me.
Answers (1)
Robotech has developed a new robotic personal assistant product that combines the best elements of a smartphone, a computer, and a human personal assistant.
Answers (1)
In , people invest money in a company in exchange for the company's .
Answers (1)
Which of the following best illustrates the mutual interdependence among firms in the airline industry? The considerable efforts made by the various competitors to coordinate fare increases.
Answers (1)
Suppose you invest $2500 each year in a savings account that earns 12% per year. How much will be in the account in 10 years?
Answers (1)
New Questions in Business
Personal Selling is: a. The two-way flow of communication between a buyer and seller, often in a face-to-face encounter, designed to influence a person's or group's purchase decision. b.
Answers (1)
Potanta is a company that manufactures herbal soaps. Over the years, the availability of aloe vera pulp, which is the keyingredient of the company's best-selling aloe vera soaps, has reduced.
Answers (1)
An advertiser enables target cost-per-acquisition (cpa) bidding and notices that conversions decrease. what might cause this?
Answers (1)
A trigger strategy is a strategy that: A. is not relevant to oligopolies. B. determines when to enter an industry. C. depends on an opponent's past decisions. D. tells a business to leave the industry because the price is below the AVC.
Answers (1)
What is the effect on the supply curve for skateboards if the government implements a tax on the manufacturing process?
Answers (1)