Jason and Matthew borrowed $38.400 on a 7-month, 5% note from Gem State Bank to open their business, Blossom's Coffee HouseThe 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 areautomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles andenter 0 for the amounts)Datene 1, 2025Account Titles and Explanation(b)Question 5 of 12CashDateNotes Payable<List of Accounts>eTextbook and MedialPrepare the entry to accrue the interest on June 30, (List all debit entries before credit entries. Credit account titles are automaticallyIndented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for theamounts)Account Titles and ExplanationDebit38400CreditDebitCredit

Journal Entry is the primary step to record the transaction in the books of accounts. The interest…

(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

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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The following are selected 2020 transactions of Culver Corporation. Sept. Purchased inventory from Encino Company on account for $46,800. Culver records purchases gross and uses a periodic inventory system. 1 Issued a $46,800, 12-month, 8% note to Encino in payment of account. Oct. 1 Oct. 1 Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement.) Date tember 1 Borrowed $46,800 from the Shore Bank by signing a 12-month, zero-interest-bearing $49,920 note. tember 1 V er 1 Account Titles and Explanation Purchases Accounts Payable Accounts Payable Notes Payable Cash Discount on Notes Payable Notes Payable Debit 46800 46800 46800 3120 Credit 46800 46800 49920
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