Exercise 8-1 Tina John and Amy Smith borrowed $17,143 on a 7-month, 7% 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 Dividend Cash Notes Pay. + Interest Pay. + Common Stock + Revenue (a) June 1, 2017 $ $ $ $ $ $ (b) June 30, 2017 Interest expense (d) Jan. 1, 2018 SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: SIMILAR EXERCISE VIDEO: SIMILAR EXERCISE VIDEO: SIMILAR EXERCISE VIDEO: SIMILAR EXERCISE 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 $ Click if you would like to Show Work for this question: Open Show Work