Michelle Hoadley and Laura Quayle borrowed $20,800 on a 7-month, 9% bank loan from BMO...
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Michelle Hoadley and Laura Quayle borrowed $20,800 on a 7-month, 9% bank loan from BMO Bank of Montreal to open their business, ML's Coffee House Inc. The money was borrowed on June 1, 2025, and the loan matures January 1, 2026. Interest is due at maturity. Prepare the entry to accrue the interest on June 30. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
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