Question: please help answer this! we dont do debits or credits. Donna Kenneth and Carol borrowed $26,000 on a 7-month, 6% note from Gem State Bank
Donna Kenneth and Carol 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. (a)-(b), (d) (a) Prepare a tabular summary to record the receipt of the funds from the loan (b) Prepare a tabular summary to accrue the interest on fune 30. (d) Prepare a tabular summary to record the repayment of the loan on January 1.2023. Include margin explanations for the changes in revenues and expenses. (If a transaction couses a decreose in Assets, Llabllities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)
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