7 Question 7 (5 points) Saved On June 1, Babar Corporation borrows $40,000 from the bank by signing a 2-month, 4.5%, bank loan. Interest is due at the beginning of each month, commencing July 1. REQUIRED: Prepare the entries listed associated with the bank loan on the books of Babar Corporation (Show all calculations). a. Prepare the entry on June 1 when the loan was received. b. Prepare any adjusting entries necessary on June 30 in order to prepare the monthly financial statements. Assume no other interest accrual entries have been made. c. Prepare the entry to record the payment of the interest on July 1. d. Prepare the entry to record repayment of the loan at maturity on August 1. Note: Once you click in the table below, you can drag the dotted triangle at the bottom right corner of the text editor window to make it bigger. If you accidentally delete the below table, you can add a new one using the rich-text editor, or try to make your answer as clear as possible using paragraphs and spaces. ge 5: 9 Q Format V BIU Date Account Titles Debit Credit DELL ""* 8