Question: Answer needed foe Part B only James and John borrowed $15,000 on a 7-month, 4% note from Gem State Bank to open their business, Blossom's

Answer needed foe Part B only

James and John borrowed $15,000 on a 7-month, 4% note from Gem State Bank to open their business, Blossom's Coffee House. The money was borrowed on June 1, 2025, and the note matures January 1,2026. (a) Your answer is correct. Prepare the entry to record the receipt of the funds from the loan. (List all debit entries before credit entries. Credit decount tities are automatically indented when amount is entered, Do not indent manually. If no entry is required, select "No Entry" lor the account tities ant enter 0 for the amounts.) Prepare the entry to accrue the interest on June 30. (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 tities and enter o for the amounts.)

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