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asswork - Reporting and Analyzing Liabilities Question 1 of 11 > 4/8 = View Policies Show Attempt History Current Attempt in Progress Kelly Jones and Tami Crawford borrowed $10.500 on a 7-month 8% note from Gem State Bank to open their business, Oriole's Cottee House. The money was borrowed on Juile 1.2022, and the note matures January 1, 2023 Your awer is partially correct Prepare the entry to record the receipt of the funds from the loan (Credit account titles are automatically indented when amount is entered. Do not indent manual) Date Account Titles and Explanation Debit Credit June 1 Cash Notes Payable e Textbook and Media List of Accounts Classwork - Reporting and Analyzing Liabilities Question 1 of 11 4/8 3 List of Accounts Your answer is partially correct. Prepare the entry to accrue the interest on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit June 30 Interest Expense Interest Payable e Textbook and Media List of Accounts eporting and Analyzing Liabilities Question 1 of 11 4/8 Assuming adjusting entries are made at the end of each month, determine the balance in the Interest Payable account at December 31, 2022 Balance in interest payable account $ eTextbook and Media List of Accounts Your answer is partially correct. Prepare the entry required on January 1, 2023, when the loan is paid back. (Credit account tities are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Jan. 1, Notes Payable 2023 Interest Payable Cash e Textbook and Media

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