Kelly Jones and Tami Crawford borrowed 10500 on a 7month 8 n

Kelly Jones and Tami Crawford borrowed $10,500 on a 7-month, 8% 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. A) Prepare the entry to record the receipt of the funds from the loan.

June 1.

Journal entry :

Date	account & expalnation	debit	credit
June 1,2017	Cash	10500
	Notes payable		10500
	(To record amount borrowed)

Kelly Jones and Tami Crawford borrowed $10,500 on a 7-month, 8% note from Gem State Bank to open their business, JC’s Coffee House. The money was borrowed on Ju

Kelly Jones and Tami Crawford borrowed 10500 on a 7month 8 n

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