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Entity F borrowed $60,000 on October 1, 2024 issuing a 6-month,10% interest-bearing note to the...

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Accounting

Entity F borrowed $60,000 on October 1, 2024 issuing a 6-month,10% interest-bearing note to the bank, with principal and interest payable at maturity. At December 31, 2024, what adjusting entry must Entity F make to accrue interest expense?

Entity F borrowed $60,000 on October 1, 2024 issuing a 6-month,10% interest-bearing note to the bank, with principal and interest payable at maturity. At December 31, 2024, what adjusting entry must Entity F make to accrue interest expense?

a. Dr. Interest expense 1.500 Cr. Interest payable 1,500

b. Dr. Interest expense 3,000 Cr. Interest payable 3,000

c. Dr. Interest expense 3,000 Cr. Cash 3,000

d. Dr. Interest expense 1,500 Cr. Cash 1,500

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