Exercise 10-1 Kelly Jones and Tami Crawford borrowed $38,400 on a 7-month, 5% 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 Prepare the entry to record the receipt of the funds from the loan. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: APPLIED SKILLS VIDEO: SIMILAR EXERCISE Prepare the entry to accrue the interest 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 SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: APPLIED SKILLS VIDEO: SIMILAR EXERCISE 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 $ SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: APPLIED SKILLS VIDEO SIMILAR EXERCISE Prepare the entry required on January 1, 2018, when the loan is paid back. (Credit account tities are automatically indented when amount is entered. Do not Indent manually.) Date Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEOAPPLIED SKILLS VIDEO: STHILAR EXERCISE Prepare the entry to accrue the interest 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 SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: APPLIED SKILLS VIDEO SIMILAR EXERCISE 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 SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: APPLIED SKILLS VIDEO SIMILAR EXERCISE Prepare the entry required on January 1, 2018, when the loan is paid back. (Credit account titles are automatically indented when amount is entered. Do not Indent manually.) Date Account Tities and Explanation Debit Credit Jan 1, 2018 Click if you would like to Show Work for this questioni Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO APPLIED SKILLS VIDEO: SIMILAR EXERCISE Question Attempts: 0 of 3 used