Barbara Michael and Elizabeth borrowed $11,143 on a 7-month, 7% note from Gem State Bank to open their business, Ivanhoes Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023.

(a)-(b), (d)

(a)		Prepare a tabular summary to record the receipt of the funds from the loan.
(b)		Prepare a tabular summary to accrue the interest on June 30.
(d)		Prepare a tabular summary to record the repayment of the loan on January 1, 2023.

Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)

		Assets	=	Liabilities			+	Stockholders Equity
								Pd.-in Cap.		Retained Earnings
		Cash	=	Notes Pay.	+	Interest Pay.	+	Common Stock	+	Revenue	-	Expense	-	Dividend
(a)	June 1, 2022	$enter a dollar amount		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount		select an option Bank charges expenseMiscellaneous expenseSales revenueInterest expense
(b)	June 30, 2022	enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		select an option Interest expenseSales revenueMiscellaneous expenseBank charges expense
(d)	Jan. 1, 2023	enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		select an option Sales revenueBank charges expenseMiscellaneous expenseInterest expense

Please dont forget the last column on the right. you need to choose one from the available options