Prepare the entry to accrue the interest on June 3
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Kelly Jones and Tami Crawford borrowed $10,500 on a 7-month, 8% note from Gem State Bank to open their business, Oriole’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023.
Prepare the entry to accrue the interest on June 3
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Date
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Account Titles and Explanation
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Debit
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Credit
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June 30
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