(b) 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 0 for the amounts) Date Account Titles and Explanation eTextbook and Media Debit Credit
(b) 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 0 for the amounts) Date Account Titles and Explanation eTextbook and Media Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text: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
<
List of Accounts
>
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
Credit
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