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Prepare the entry to record the receipt of the funds

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Reference no: EM132316065

Exercise

Kelly Jones and Tami Crawford borrowed $33 , 000 on a 7- month , 6% 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 .

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

 

Reference no: EM132316065

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