Assuming adjusting entries are made at the end of each month, determine the balance in the interest payable account at December 31, 2017. Balance in interest payable account Kelly Jones and Crawford borrowed $12,000 on a 7-month, 6% note from Gem State Bank to open their business, JC's Coffee House. The money was borrowed on June 1, 2017, and the note matures January 1, 2018