Jason and Matthew borrowed $38.400 on a 7-month, 5% note from Gem State Bank to open their business, Blossom's Coffee HouseThe money was borrowed on June 1, 2025, and the note matures January 1, 2026.(a)✓ Your answer is correct.Prepare the entry to record the receipt of the funds from the loan. (List all debit entries before credit entries, Credit account titles areautomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles andenter 0 for the amounts)Datene 1, 2025Account Titles and Explanation(b)Question 5 of 12CashDateNotes Payable<List of Accounts>eTextbook and MedialPrepare the entry to accrue the interest on June 30, (List all debit entries before credit entries. Credit account titles are automaticallyIndented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for theamounts)Account Titles and ExplanationDebit38400CreditDebitCredit

(b) Prepare the entry to accrue the interest on June 30. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts) Date Account Titles and Explanation eTextbook and Media Debit Credit

(b) Prepare the entry to accrue the interest on June 30. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts) Date Account Titles and Explanation eTextbook and Media Debit Credit

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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