Problem 7-7 Take-Out a Loan - Accrue Interest on the Loan - Pay Interest On April 1, 2019, Baker Construction, Inc. signed a note for a loan from its bank. The following are the terms and other information pertaining to the loan $100,000 Amount of the loan How long the loan is for (the term of the loan) year Date the loan was made Date of first interest payment to the bank Amount of interest charged by the bank for Aprill. $550 Amount of interest charged by the bank for May Amount of interest charged by the bank for June. April 1, 2019 June 30, 2019 ... $568 The following is a partial list of the accounts in Baker's General Ledger. These are the only accounts you need for this problem. D Cash Note Payable Interest Payable D Interest Expense Remove and use the forms on Pg 225 to complete this problem. Requirement 1 Prepare the April 1, 2019 General Journal entry to record getting the loan from the bank. Requirement 2 Prepare the April 30, 2019 General Journal adjusting entry to accrue the interest owed to the bank for the month of April. Requirement 3 Prepare the May 31, 2019 General Journal adjusting entry to accrue the interest owed to the bank for the month of May. Requirement 4 Prepare the June 30, 2019 General Journal entry to record the payment of the April, May, and June interest to the bank. Hint: For help with how this interest payment should be recorded: D Look at March 30-Interest Payment to the Bank starting on Pg 57 in your Solid Footing Book. D Look at the March 30 interest payment transaction (Pay Interest button) on the March tab of the 02-Gray Co workbook. Problem 7-8 Accrue Rent Payable-Pay Rent the Following Month On September 1, 2019, Baker Construction, Inc, signed a contract to rent a warehouse. Baker's rent on the warehouse started that same day. On September 1, the landlord did not require Baker t month's rent. The landlord indicated that she would stop-by on October 5 to collect to pay the first The the $2,000 of rent for the month of September The following is a partial list of the accounts in Baker's General Ledger. These are the only accounts you need for this problem. D Cash D Rent Payable (liability account) D Rent Expense Remove and use the forms on Pg 226 to complete this problem Requirement 1 Prepare the General Journal entry Baker should make on September 1, 2019. If no entry is required, put "No Entry Required" on the General Journal form. Requirement 2 Prepare the September 30, 2019 Rent Payable adjusting entry. If no entry is required, put "No Entry Required" on the General Journal form. Requirement 3 Prepare the General Journal entry Baker should make on October 5, 2019 to record the $2,000 payment of September's rent. If no entry is required, put "No Entry Required" on the General Journal form. Additional Chapter 7 Adjusting Entry Homework Problems Located in the Word file named Chapter 07 Additional Problems.doc are more adjusting entry homework problems: Problem 7-9 Lenny's January Accounting Period D Problem 7-10 Lenny's February Accounting Period D Problem 7-11 Lenny's March Accounting Period To print these additional problems, open the Chapter 07 Additional Problems.doc file using your Word application