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.)DateAccount Titles and ExplanationDebitCreditJune 1enter an account title to record the receipt of the funds from the loan on June 1enter a debit amountenter a credit amount enter an account title to record the receipt of the funds from the loan on June 1enter a debit amountenter a credit amount eTextbook and MediaList 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.)DateAccount Titles and ExplanationDebitCreditJune 30enter an account title to accrue the interest on June 30enter a debit amountenter a credit amount enter an account title to accrue the interest on June 30enter a debit amountenter a credit amount eTextbook and MediaList of Accounts Assuming adjusting entries are made at the end of each month, determine the balance in the Interest Payable account at December 31, 2022.Balance in interest payable account $enter the Balance in interest payable account in dollars eTextbook and MediaList of Accounts Prepare the entry required on January 1, 2023, when the loan is paid back. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)DateAccount Titles and ExplanationDebitCreditJan. 1, 2023enter an account title on January 1enter a debit amountenter a credit amount enter an account title on January 1enter a debit amountenter a credit amount enter an account title on January 1enter a debit amountenter a credit amount

Name: Kelly Jones and Tami Crawford borrowed $33,000 on a 7-month, 6% note f
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Description: 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 rece

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Answered: Prepare the entry to record the receipt…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 Explanation	Debit	Credit
June 30	enter an account title to accrue the interest on June 30	enter a debit amount	enter a credit amount
	enter an account title to accrue the interest on June 30	enter a debit amount	enter a credit amount

eTextbook and Media

List of Accounts

Assuming adjusting entries are made at the end of each month, determine the balance in the Interest Payable account at December 31, 2022.

Balance in interest payable account

$enter the Balance in interest payable account in dollars

eTextbook and Media

List of Accounts

Prepare the entry required on January 1, 2023, when the loan is paid back. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 1, 2023	enter an account title on January 1	enter a debit amount	enter a credit amount
	enter an account title on January 1	enter a debit amount	enter a credit amount
	enter an account title on January 1	enter a debit amount	enter a credit amount

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