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Prepare the entry to record the receipt of the funds

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Problem - Kelly Jones and Tami Crawford borrowed $26,000 on a 7-month, 6% note from Gem State Bank to open their business, Pharoah's Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023.

Required - Prepare the entry to record the receipt of the funds from the loan.

Reference no: EM132788491

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