Sandy John and Cindy Wright 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.
(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.)

Assets

=

Liabilities

+

Stockholders Equity

Retained Earnings

Cash

=

Notes Pay.

+

Interest Pay.

+

Common Stock

+

Revenue

-

Expense

-

Dividend

(a)

June 1, 2017

$

$

$

$

$

$

$

(b)

June 30, 2017

Interest expense

(d)

Jan. 1, 2018