Terri Martinez and Tammy Smith borrowed $25,500 on a 7-month, 4% 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. (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. (d) Prepare a tabular summary to record the repayment of the loan on January 1, 2018 (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.) Stockholders' Equity Liabilities Assets Retained Earnings Notes Pay. Interest Pay. +Common Stock + Cash Revenue Expense Dividend (a) June 1, 2017 25,500 25,500 Interest expense (b) June 30, 2017 82.17 82.17 X X X (d) Jan. 1, 2018 (25,500) (691.33) (26,106.33) 2.83 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 $ 691.33