Question

Use the information above to answer the following question. What is the adjusting journal entry at December 31 to record the accrued interest on the note payable?

A) Debit Interest Expense and credit Interest Payable for $1,500

B) Debit Interest Expense and credit Interest Payable for $2,000

C) Debit Interest Expense and credit Interest Payable for $4,500

D) Debit Interest Payable and credit Cash for $2,000

Answer

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