Terri Martinez and Tammy Smith borrowed $17,143 on a 7-month, 7% note from gem state bank to open their business, JCs Coffee House. The money was borrowed on June 1, 2017, and the note matures January 1, 2018.

(a) Prepare a tabular summary to record the receipt of the funds from the loan.

(b) Prepare a tabular summary to accrue the interest on June 30.

(c) Prepare a tabular summary to record the repayment of the loan in January 1, 2018.

(d) Assuming adjustments are made at the end of each month, determine the balance in the Interest Payable account at December 31, 2017. What is the balance in interest payable account?

(If a transaction causes a decrease in Assets, Liabilities or Stockholders Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) AssetsLiabilities+Stockholders' Equity Retained Earnings Expense . Dividend Cash Notes Pay. + Interest Pay. + Common Stock + Revenue (a) June 1, 2017 (b) June 30, 2017 (d) Jan. 1, 2018 Interest expense