please ABC Corporation borrowed $20.000 from Central Bank on a 5-month...
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ABC Corporation borrowed $20.000 from Central Bank on a 5-month note payable that was issued on November 1, 2020 at a 6% annual interest rate and is due on April 1. 2021. On December 31, 2020, what adjusting entry should ABC Corporation make regarding the accrual of interest? Debit Interest Expense 5500 Credit Interest Payable $500, Debit Interest Expense $200: Credit Interest Payable $200 Debit interest Payable $200 Credit Interest Expense $200 Debit interest Expense $480: Credit Interest Payable $480
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