42.93%, 10.3 of 24 pts Question Help On January 1, Vince Langley borrowed $10,000 on an eight-month, 6% note from State Bank of Rhode Island to open a business, Cyber Cafe. The debt was in the company's name. The note and interest will be repaid on August 31. 1. Use the accounting equation to show how Cyber Cafe would record the receipt of the funds. 2. Suppose Cyber Cafe wants to prepare an income statement for the month of January. Use the accounting equation to show how the firm will accrue interest for the month. 3. Assume that Cyber Cafe accrues the interest expense related to this note at the end of each month. What is the balance in the interest payable account on June 302 4. Use the accounting equation to show how the firm would record the transaction on August 31, when the loan is repaid with the interest. (Assume 3. above was completed.) 1. Use the accounting equation to show how Cyber Cafe would record the receipt of the funds. Some of the account names will be abbreviated. (Use parentheses or a minus sign when entering component decreases. Use only the necessary input lines.) Shareholders' Equity Assets Liabilities Contributed Capital Retained Earnings $ Account $ Account $ Account $ Account + Choose from any list or enter any number in the input fields and then click Check