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 Interest Payable 1120 Notes Payable 24000 Casti 1120 Your Answer Correct Answer 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 1120 Balance in interest payable account eTextbook and Media Solution List of Accounts Attempts: unlimited 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 Debit Credit June 30 Interest Expense 160 Interest Payable 160 e Textbook and Media Solution List of Accounts Attempts: unlimited Date Account Titles and Explanation Debit Credit June 1 -Cash 24000 Notes Payable 20000 e Textbook and Media a Kelly Jones and Tami Crawford borrowed $24,000 on a 7-month, 8% note from Gem State Bank to open their business, Sunland's Coffee House. The money was borrowed on June 1, 2022 and the note matures January 1, 2023. (a) a Kelly Jones and Tami Crawford borrowed $24,000 on a 7-month, 8% note from Gem State Bank to open their business, Sunland's Coffee House. The money was borrowed on June 1, 2022 and the note matures January 1, 2023. (a)