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George and Kenneth borrowed $30,000 on a 7-month, 5% note from Gem State Bank to open their business, Oriole's The money was borrowed on June 1, 2025, and the note matures January 1, 2026. (a) Prepare the entry to record the receipt of the funds from the loan. (List all debit entries before credit entries. Credit acc automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the acm enter O for the amounts)

George and Kenneth borrowed $30,000 on a 7-month, 5% note from Gem State Bank to open their business, Oriole's The money was borrowed on June 1, 2025, and the note matures January 1, 2026. (a) Prepare the entry to record the receipt of the funds from the loan. (List all debit entries before credit entries. Credit acc automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the acm enter O for the amounts)

FINANCIAL ACCOUNTING
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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George and Kenneth borrowed $30,000 on a 7-month, 5% note from Gem State Bank to open their business, Oriole's Coffee House. The money was borrowed on June 1, 2025, and the note matures January 1, 2026. (a) 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 o for the amounts.) B Date Account Titles and Explanation Debit Credit
Transcribed Image Text:George and Kenneth borrowed $30,000 on a 7-month, 5% note from Gem State Bank to open their business, Oriole's Coffee House. The money was borrowed on June 1, 2025, and the note matures January 1, 2026. (a) 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 o for the amounts.) B Date Account Titles and Explanation Debit Credit
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