Kelly Jones and Tami Crawford borrowed $15.000 on a 7-month. 4% 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 Your answer is correct 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 15000 Cash 15000 Notes Payable 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 Credit June Interest Expense 30 Interest Payable 100 Debit 100 e Textbook and Media List of Accounts * Your answer is incorrect. 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 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.) Account Titles and Explanation Debit Credit Date Jan. 1. 2018