Kelly Jones and Tomi Crawford borrowed $18,000 on a 7-month, 10% note from Gem State Bank to open their business, Sandhill's Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. (a) Your answer is correct. Prepare the entry to record the receipt of the funds from the loan. (Credit accountitles are automatically indented when amount is entered. Do not indent monually) Date Account Titles and Explanation Debit Credit June 1 Canh 18000 Notes Povable 18000 eTextbook and Media List of Accounts Attempts unlimited (b) Prepare the entry to accrue the interest on June 30 (Oedit account there automatically indented when amount is entered Do not indien molly Account Titles and Explanation Debit Credit Date June 30 Textbook and Media List of Accounts Attempts unlimited Your answer is correct. Prepare the entry to accrue the interest on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Debit Credit Date Account Titles and Explanation 150 June 30 Interest Expense 150 Interest Payable e Textbook and Media List of Accounts Attempts: unlimited (c) Your answer is correct. Assuming adjusting entries are made at the end of each month, determine the balance in the Interest Payable account at December 31, 2022. $ 1050 Balance in interest payable account e Textbook and Media 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 $ 1050 e Textbook and Media List of Accounts Attempts: unlimited (d) 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 Debit Credit Jan. 1. 2023 e Textbook and Media List of Accounts Attempts: unlimited Submit Answer Save for Later