Question: Consider this journal entry: Interest expense. $5,000 Interest payable $5,000 And answer the following questions: 1. What event is being recorded here? 2. Is this

Consider this journal entry: Interest expense. $5,000 Interest payable $5,000 And answer the following questions: 1. What event is being recorded here? 2. Is this likely a JE for an external transaction, an adjusting JE, or a closing JE? 3. What was the impact of this JE on a) Net Income, and b) Total Liabilities 12pt Paragraph B

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