Exercise 10-02 Your answer is partially correct. Try again. On June 1, Metlock, Inc. borrows $103,500 from First Bank on a 6-month, $103,500, 8% note. Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Date Account Titles and Explanation Debit Credit June 1 103500 103500 Notes Payable Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit une 30 Interest Expense 776.25 Interest Payable 776.25 Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 30 |Interest Expense 776.25 Interest Payable 776.25 Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Dec. 1 Notes Payable Debit Credit 103500 Interest Payable 4657.5 Cash 108157.5 What was the total financing cost (interest expense)? Total financing cost 4657.5