A gift shop signs a three-month note payable to help finance increases in inventory for the Christmas shopping season. The note is signed on November 1 in the amount of $50,000 with annual interest of 6%. What is the adjustment to be made on December 31 for the interest expense accrued to that date, if no adjustments have been made previously for the interest? increase Interest Expense $500 increase Interest Payable $500 increase Interest Expense $750 increase Interest Payable $750 increase Interest Expense $500 decrease Cash $500 increase Interest Expense $750 increase Note Payable $750 Question 13 (1 point) The revenue recognition principle dictates that revenue should be recognized in the accounting records: when cash is received. when the performance obligation is satisfied. at the end of the month. in the period that income taxes are paid