Tammy Smith and Terri Martinez borrowed $32,000 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 nate matures January 1, 2018 x Your answer is incorrect (b (d) Prepare a tabular summary to record the receipt of the funds from the loan. Prepare a tabular summary to accrue the interest on June 30. Prepare a tabular summary to record the repayment of the loan on January 1 2018 le transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset Liability or Equity item that was reduced Assets Liabilities Cash Notes Pay Interest Pay la) June 1, 2017 S S June 30, 2017 d! Jan 1, 2016 e Textbook and Media List of Accounts X Your answer is incorrect. Assuming adjustments 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 S 165 Stockholders' Equity Retained Earnings Expense Common Stock Revenue Dividend $ $