Kelly Jones and Tami Crawford borrowed $36,000 on a 7-month, 4% note from Gem State Bank to open their business, Ivanhoe's Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Assuming adjusting entries are made at the end of each month, determine the balance in the Interest Payable account at December 31, 2022. Balance in interest payable account eTextbook and Media List of Accounts $ Prepare the entry required on January 1, 2023, when the loan is paid back. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 1, 2023 Debit Credit