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Lily Hoadley and Maria Quayle borrowed $13.600 on a 7-month, 9% bank loan from BMO Bank of Montreal to open their business. L M's Coffee House Inc. The money was borrowed on June 1, 2022, and the loan matures January 1, 2023. Interest is due at maturity (a) Prepare the entry to record the bank loan. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually) Date Jun, 1, 2022. Account Titles and Explanation Interest Payable W Debit Credit

Lily Hoadley and Maria Quayle borrowed $13.600 on a 7-month, 9% bank loan from BMO Bank of Montreal to open their business. L M's Coffee House Inc. The money was borrowed on June 1, 2022, and the loan matures January 1, 2023. Interest is due at maturity (a) Prepare the entry to record the bank loan. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually) Date Jun, 1, 2022. Account Titles and Explanation Interest Payable W Debit Credit

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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Lily Hoadley and Maria Quayle borrowed $13.600 on a 7-month. 9% bank loan from BMO Bank of Montreal to open their business L M's Coffee House Inc. The money was borrowed on June 1, 2022, and the loan matures January 1, 2023. Interest is due at maturity (a) Prepare the entry to record the bank loan. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Date Jun, 1, 2022 Interest Payable W Debit Credit VIES
Transcribed Image Text:Lily Hoadley and Maria Quayle borrowed $13.600 on a 7-month. 9% bank loan from BMO Bank of Montreal to open their business L M's Coffee House Inc. The money was borrowed on June 1, 2022, and the loan matures January 1, 2023. Interest is due at maturity (a) Prepare the entry to record the bank loan. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Date Jun, 1, 2022 Interest Payable W Debit Credit VIES
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