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Nancy Daniel and Karen borrowed $15,750 on a 7-month, 8% note from Gem State Bank to open their business, Blossom's Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. (a)-(b), (d) (a) (b) (d) Prepare a tabular summary to record the receipt of the funds from the loan. Prepare a tabular summary to accrue the interest on June 30. Prepare a tabular summary to record the repayment of the loan on January 1, 2023. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets,

Nancy Daniel and Karen borrowed $15,750 on a 7-month, 8% note from Gem State Bank to open their business, Blossom's Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. (a)-(b), (d) (a) (b) (d) Prepare a tabular summary to record the receipt of the funds from the loan. Prepare a tabular summary to accrue the interest on June 30. Prepare a tabular summary to record the repayment of the loan on January 1, 2023. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets,

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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Nancy Daniel and Karen borrowed $15,750 on a 7-month, 8% note from Gem State Bank to open their business, Blossom's Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. (a)-(b). (d) (a) (b) (d) Prepare a tabular summary to record the receipt of the funds from the loan. Prepare a tabular summary to accrue the interest on June 30. Prepare a tabular summary to record the repayment of the loan on January 1, 2023. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) (a) June 1.2022 $ (b) June 30, 2022 (d) Jan 1, 2023 Assets Cash Notes Pay. Liabilities Interest Pay $
Transcribed Image Text:Nancy Daniel and Karen borrowed $15,750 on a 7-month, 8% note from Gem State Bank to open their business, Blossom's Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. (a)-(b). (d) (a) (b) (d) Prepare a tabular summary to record the receipt of the funds from the loan. Prepare a tabular summary to accrue the interest on June 30. Prepare a tabular summary to record the repayment of the loan on January 1, 2023. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) (a) June 1.2022 $ (b) June 30, 2022 (d) Jan 1, 2023 Assets Cash Notes Pay. Liabilities Interest Pay $
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