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Kelly Jones and Tami Crawford borrowed $12,000 on a 7-month, 6 % note from Gem State Bank to open their business, Cullumber's Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023.

Kelly Jones and Tami Crawford borrowed $12,000 on a 7-month, 6 % note from Gem State Bank to open their business, Cullumber's Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023.

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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Kelly Jones and Tami Crawford borrowed $12,000 on a 7-month, 6% note from Gem State Bank to open their business, Cullumber's Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023.
Transcribed Image Text:Kelly Jones and Tami Crawford borrowed $12,000 on a 7-month, 6% note from Gem State Bank to open their business, Cullumber's Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023.
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 $
Transcribed Image Text: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 $
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