Question: John and Robert borrowed $13,200 on a 7 month, 5% note from Gem State Bank to open their business, Crane's Coffee House. The money was
John and Robert borrowed $13,200 on a 7 month, 5% note from Gem State Bank to open their business, Crane's Coffee House. The money was borrowed on June 1, 2025, and the note matures January 1, 2026. John and Robert borrowed $13,200 on a 7-month, 5% note from Gern State Bank to open their business, Craine'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 entrier before credit entries. Credit account tities 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 0 for the amounts.)
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