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On November 1, Alan Company signed a 120-day, 12% note payable, with a face value...

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Accounting

On November 1, Alan Company signed a 120-day, 12% note payable, with a face value of $15,300. What is the adjusting entry for the accrued interest at December 31 on the note? (Use 360 days a year.) No adjusting entry is required.

Debit Interest Expense, $306; credit Interest Payable, $306. Debit interest payable, $204; credit interest expense, $204. Debit Interest Payable, $612; credit Interest Expense, $612. Debit Interest Expense, $408; credit Interest Payable, $408.

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