Bonny Smith and Tammy Wright borrowed $10.500 on a 7-month, 8% 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. (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, 2018. (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 Retained Earnings - Expense Cash - Notes Pay. Interest Pay. + Common Stock + Revenue * Dividend (a) June 1, 2017 $ 6 (b) June 30, 2017 Interest expense (d) Jan. 1. 2018 e Textbook and Media List of Accounts Assuming adjustments 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 $ e Textbook and Media List of Accounts