Kelly Jones and Tami Crawford borrowed $15,000 on a 7-month, 6% note from Gem State...
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Kelly Jones and Tami Crawford borrowed $15,000 on a 7-month, 6% note from Gem State Bank to open their business, JC's Coffee House. The money was borrowed on June 1,2017, and the note matures January 1,2018. Prepare the entry to record the receipt of the funds from the loan. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) indent manually.) Assuming adjusting entries are made at the end of each month, determine the balance in the interest payable account at December 31,2017. Balance in interest payable account $ amount is entered. Do not indent manualiy
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