Robert and Michael borrowed $12,000 on a 7-month, 6% note from Gem State Bank to open their business, Cullumber's Coffee House. The money was borrowed on June 1, 2025, and the note matures January 1, 2026. (a) Prepare the entry to record the receipt of the funds from the loan. (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 O for the amounts.)

Robert and Michael borrowed $12,000 on a 7-month, 6% note from Gem State Bank to open their business, Cullumber's Coffee House. The money was borrowed on June 1, 2025, and the note matures January 1, 2026. (a) Prepare the entry to record the receipt of the funds from the loan. (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 O for the amounts.)

Name: Hh Robert and Michael borrowed $12,000 on a 7-month, 6% note from Gem
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Description: Hh Robert and Michael borrowed $12,000 on a 7-month, 6% note from Gem State Bank to open their business, Cullumber's CoffeeHouse. The money was borrowed on June 1, 2025, and the note matures January 1, 2026.(a)Prepare the entry to record the receipt

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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