formula: interest = principal x rate x time

please make clear , thanks you

Adjusted Trial Balance December 31, 20XX Account Title Debits Credits 52,898 10,250 1,260 20,390 650 320 30,550 12,250 1,780 62,128 0 275 Cash Accounts Receivable Less: Allowance for Doubtful Accounts Inventory Supplies Prepaid Insurance Equipment Vehicle Less: Accumulated Depreciation - Equipment and Vehicle Accounts Payable Interest Payable Unearned Revenue (Gift Cards) Bonds Payable (mature 12/31/XX) Common Stock (200 shares @ $210/share, par $210) Retained Earnings Sales Revenue Less: Sales Discount Cost of Goods Sold Operating Expenses Bad Debt Expense Depreciation Expense Insurance Expense Interest Expense Rent Expense Supplies Expense Wages Expense Totals 12,000 42,000 0 134,725 40 64,330 34,840 3,260 1,780 160 0 5,750 1,200 15,500 254,168 254.168 In order to finance the opening of the store, Fido's Food Mart issued $12,000 of bonds that pay 10% interest annually. Interest is paid January 31 for interest that accrued during the prior year. Bonds were issued at face value on September 1. Required: 1. Calculate the interest payable to the bond holders from September 1 to December 31. 2. Record the adjusting journal entry for the interest payble. a. Show the balancing effects on the accounting equation b. Record the adjusting journal entry in two-line format using a debit and a credit. c. Show T-accounts with beginning balances, transactions, and end balances. 3. Prepare a new adjusted trial balance and highlight the accounts and amounts changed