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. Rebecca Fleming and Carrie Platt borrowed $12,000 on a 7-month, 9% note from Gopher...

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Accounting

. Rebecca Fleming and Carrie Platt borrowed $12,000 on a 7-month, 9% note from Gopher State Bank to open their business, RC's Coffee House. The money was borrowed on June 1, 2016, and the note matures January 1, 2017. Instructions (a) Prepare the entry to record the receipt of the funds from the loan. (b) Prepare the entry to accrue the interest on June 30. (c) Assuming adjusting entries are made at the end of each

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