Question: Cindy Wright and Sandy John borrowed $38,400 on a 7-month, 5% note from Gem State Bank to open their business, Coffee House. The money was

Cindy Wright and Sandy John borrowed $38,400 on a 7-month, 5% note from Gem State Bank to open their business, Coffee House. The money was borrowed on June 1, 2017, and the not matures Ianuary 1, 2018 (a) 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. (d) Prepare a tabular summary to record the repayment of the loan on January 1, 2018 la transaction causes a decrease in Assets, Liabilities or stockholders' Equity, place a negative sin (er parentheses) in front of the amount entered for the particular Ass that was Assets Llabilities Stockholders' Equity Retained Earnings Expense Dividend Cash = Notes Pay. Interest Pay. + Common Stock + Revenue (a) June 1, 2017 $ Interest expense (b) June 30, 2017 (d) jan. 1. 2018 SHOW LIST OF ACCOUNTS LINK TO TOT VIDEO SIRILARENSE VIDEO SIRLAR KERCIM VIDEOSTORILAR EXERCISE VIDEO NILILAR NEREIN 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 $

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