NEXT OURCES work Exercise 10-1 Kelly Jones and Tami Crawford borrowed $33,000 on a 7-month, 6% 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 partially correct. Try again. 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.) by Study Date Account Titles and Explanation Debit Credit June 1 Cash Notes Payable SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO APPLIED SKILLS VIDEO SIMILAR EXERCISE Your answer is partially correct. Try again. 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 Debit June 30 interest Expense Interest Payable x Your answer is incorrect. Try again. 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 Your answer is partially correct. Try again. Prepare the entry required on January 1, 2018, when the loan is paid back. (Credit account titles are automatically indented when amount is entered. Done indent manually.) Debit Credit Date Account Titles and Explanation Jan 1, 2018 Notes Payable Interest Payable Cash