Michael and william borrowed $$24,000$ on a $7-$month, $7\%$ note from gem state bank to open their business, Ivanhoe's coffee house. The money was borrowed on june $1,2025,$ and the note marures January $1,2026.$

Date

Account Titles and Explanation

Debit

Credit

$24000$

Notes Payable

$24000$

$($b$)$

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 titles and enter $0$ for the amounts.$)$

Date

Account Titles and Explanation

Debit

Credit