Kelly Jones and Tami Crawford borrowed $30,000 on a 7-month, 9% note from Gem State Bank to open their business, Crane’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Correct answer iconYour answer is correct. 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.) Date Account Titles and Explanation Debit Credit June 1 enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amount enter a credit amount enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amount enter a credit amount eTextbook and Media List of Accounts Partially correct answer iconYour answer is partially correct. Prepare the entry to accrue the interest on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 30 enter an account title to accrue the interest on June 30 enter a debit amount enter a credit amount enter an account title to accrue the interest on June 30 enter a debit amount enter a credit amount eTextbook and Media List of Accounts Correct answer iconYour answer is correct. 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 $enter the Balance in interest payable account in dollars eTextbook and Media List of Accounts Incorrect answer iconYour answer is incorrect. Prepare the entry required on January 1, 2023, when the loan is paid back. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2023 enter an account title on January 1 enter a debit amount enter a credit amount enter an account title on January 1 enter a debit amount enter a credit amount

Kelly Jones and Tami Crawford borrowed $30,000 on a 7-month, 9% note from Gem State Bank to open their business, Crane’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Correct answer iconYour answer is correct. 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.) Date Account Titles and Explanation Debit Credit June 1 enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amount enter a credit amount enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amount enter a credit amount eTextbook and Media List of Accounts Partially correct answer iconYour answer is partially correct. Prepare the entry to accrue the interest on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 30 enter an account title to accrue the interest on June 30 enter a debit amount enter a credit amount enter an account title to accrue the interest on June 30 enter a debit amount enter a credit amount eTextbook and Media List of Accounts Correct answer iconYour answer is correct. 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 $enter the Balance in interest payable account in dollars eTextbook and Media List of Accounts Incorrect answer iconYour answer is incorrect. Prepare the entry required on January 1, 2023, when the loan is paid back. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2023 enter an account title on January 1 enter a debit amount enter a credit amount enter an account title on January 1 enter a debit amount enter a credit amount

Name: Kelly Jones and Tami Crawford borrowed $30,000 on a 7-month, 9% note f
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Description: Kelly Jones and Tami Crawford borrowed $30,000 on a 7-month, 9% note from Gem State Bank to open their business, Crane’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Correct answer iconYour answer is cor

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money

Section: Chapter Questions

Problem 9.6AP

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Date	Account Titles and Explanation	Debit	Credit
June 1	enter an account title to record the receipt of the funds from the loan on June 1	enter a debit amount	enter a credit amount
	enter an account title to record the receipt of the funds from the loan on June 1	enter a debit amount	enter a credit amount

eTextbook and Media

List of Accounts

Partially correct answer iconYour answer is partially correct.

Prepare the entry to accrue the interest on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
June 30	enter an account title to accrue the interest on June 30	enter a debit amount	enter a credit amount
	enter an account title to accrue the interest on June 30	enter a debit amount	enter a credit amount

eTextbook and Media

List of Accounts

Correct answer iconYour answer is correct.

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

$enter the Balance in interest payable account in dollars

eTextbook and Media

List of Accounts

Incorrect answer iconYour answer is incorrect.

Prepare the entry required on January 1, 2023, when the loan is paid back. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 1, 2023	enter an account title on January 1	enter a debit amount	enter a credit amount
	enter an account title on January 1	enter a debit amount	enter a credit amount

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