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Prepare the entry to record the receipt of the funds

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Question - Kelly Jones and Tami Crawford borrowed $14,667 on a 7-month, 9% 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.

Reference no: EM132201892

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